China Expands Domestic Demand, Promotes Coordinated Regional Development Over 5 Years

China expanded effective domestic demand and promoted coordinated regional development and new urbanization over the past five years, according to a government work report submitted Sunday to the national legislature for deliberation.

   The country promoted personal income growth through various avenues and saw the earnings of middle- and low-income groups rise, said the report.

   Overall, the central and western regions outpaced the eastern region in terms of economic growth rate, according to the report.

   Adhering to the principle that housing is for living in and not for speculation, China established long-term mechanisms in the real estate market, expanded the supply of government-subsidized housing, and developed the long-term rental market, said the report.

   The country kept land costs, house prices and market expectations stable, and adopted city-specific measures to facilitate sound development of the real estate sector, it added.