BEIJING - Regulating the housing rental market and curbing property bubbles are two major projects serving Chinese people's residential needs, Chinese President Xi Jinping said Wednesday.

The residential feature of housing should be accurately taken into account of, said Xi at a meeting of the Central Leading Group on Finance and Economic Affairs.

Xi said that China should form a housing mechanism that meet both purchase and rental purposes and meet housing demands of a new urban population, said Xi, who heads the central leading group.

The meeting reviewed major projects outlined in the 13th Five-Year Plan and discussed outstanding issues of public concern, according to a statement released after the meeting.

The market will play the leading role in catering to multilayered demand, while the government will take care of basic housing demand, according to Xi.

China will take a varied approach to regulating the property market, adopting financial, fiscal, tax, land and regulation measures to build a long-term housing mechanism that provides housing for all people, according to Xi.