China’s regulators pledge to boost efforts to stabilize nation’s housing & equity markets

Beijing: China’s regulators pledged to boost efforts to stabilize the housing and equity markets and conduct more effective fiscal policies, in the wake

of a meeting of top leaders, Bloomberg reported.

The government will promote the recovery of the property market through measures such as increasing demand and controlling the supply of land for new development, China News Service reported, citing Dong Jianguo, a vice minister at the housing ministry. He spoke at a conference on Saturday.

The China Securities Regulatory Commission said it will enhance market monitoring for futures and spot trading, and strengthen supervision of margin trading, derivatives and quantitative trading, according to a statement on its website.

The Ministry of Finance said it will implement more effective and sustained fiscal policies next year, as well as improve macroeconomic regulations. The government will also increase the issuance and usage of local government special bonds, and expand their investment areas, according to a statement on its website.

For only the second time in at least a decade, they made “lifting consumption vigorously” and stimulating overall domestic demand their top priority. China’s struggling economy has rebounded modestly in recent weeks on the back of more government support, with signs of improvement in consumption and factory activity. But overall confidence remains frail because policies haven’t been strong enough to free the economy from deflation.