China will invest 200 billion dollars this year in the construction of affordable housing

Beijing - China plans to invest nearly 200 billion dollars (3.5 trillion CZK) this year in the construction of ten million affordable homes. This aims to curb the increase in housing prices and allow the poor to benefit from the rapid economic growth of the country. This was stated today by Qi Ji, deputy Chinese Minister of Housing and Urban-Rural Development. He added that over the next five years, the government aims to build a total of 36 million affordable homes.
    According to AP, Beijing has already introduced several measures, including higher wages and subsidies, in an effort to alleviate the gap between the rich and the poor and transform the nation of farmers and workers into a consumer society.
    China is currently facing a sharp rise in housing prices, due to which many average families cannot afford even a small apartment despite strong economic growth. “Over the next five years, we will significantly improve the living conditions for urban families with low and medium incomes, newly employed workers, and seasonal laborers,” Qi Ji stated.
    Housing prices in Beijing increased by 6.8 percent year-on-year in January. In some smaller cities, the growth rate exceeded ten or even 20 percent. The government has been trying for a longer time to slow down the rise in housing prices. This year, for example, it has started introducing a property tax. Chinese authorities blame speculators for the high prices.