He made the remarks during a trip from Thursday to Saturday to the industrial city of Taiyuan in north China’s Shanxi province as well as Xian in neighbouring Shaanxi province, according to a report by state news agency Xinhua on Saturday.
He highlighted the importance of real estate financing coordination mechanisms, and called for fixing “problematic” projects to meet China’s “white list” standards as soon as possible. Financial institutions should be more efficient at credit approval and loan disbursement, he added.
The mechanism is a key plank of Beijing’s efforts to ease the sector’s debt crisis and boost confidence in an industry that accounts for a quarter of China’s gross domestic product (GDP).
China’s commercial banks have approved 5,392 real estate white list projects, with nearly 1.4 trillion yuan (US$198 billion) in financing, according to the National Financial Regulatory Administration in August.
Read More: Chinese vice-premier urges more ‘white list’ lending to stabilise housing market