China will further explore new policy measures to reduce the housing inventory, aiming at stabilizing its property sector, according to the State Council executive meeting chaired by Premier Li Qiang.

It was emphasized at the Friday meeting addressing the issues related to existing housing stock and how land utilization requires both creative initiatives and broadening perspectives, as well as steady progress in a prudent manner.

The development of the real estate industry has a direct bearing on the well-being of the people and the overall stability of the economic operation and financial system, according to the meeting.

There was a call at the meeting to accelerate the establishment of new models for real estate development, improve the market-oriented plus government-subsidized housing supply system, and reform fundamental institutional frameworks, so as to promote the steady and sound development of the real estate market.

Participants at the meeting stressed the need to fully understand the new dynamics of supply and demand in the real estate market, align with the people's evolving expectations for quality housing and implement the existing policy measures effectively.