China’s Communist Party has disclosed the content of a resolution adopted at its recent key meeting, pledging measures to reform the sluggish real-estate market and prevent local government finances from worsening.
The party released the full text of the resolution on Sunday. It approved the document at the third plenary session of its 20th Central Committee on Thursday after four days of discussions on long-term policy plans.
The resolution entails measures to contend with the sputtering property sector, a concern for the Chinese economy.
They include giving municipal governments greater decision-making powers to regulate the real-estate market. The party will also permit some cities to abolish or reduce restrictions on housing purchases based on local conditions.
Arrangements to improve local public finances include reviewing tax allocations to expand revenue sources for local governments.
Another plan is that the central government will raise the proportion of expenditures it allocates to local governments so they can reduce their own spending.
The resolution also touches on responses to the aging population and declining birthrate. It says the party will work to bring down the costs of childbirth, parenting and education and to refine parental leave policies.
The party also promises to advance reform to gradually raise the statutory retirement age in a prudent and orderly manner.
The party set aside part of the resolution apparently to mention how it will address disputes with the United States and others.
The text says mechanisms for countering foreign sanctions, interference and long-arm jurisdiction will be strengthened.
A communique issued at the end of the meeting sets a goal of completing reforms by 2029, which will mark 80 years since the foundation of the People’s Republic of China.