China will further reduce mortgage loan rates, relax restrictions on house and automobile buying and increase employment to boost consumption, said Yang Weimin, former vice minister at the Office of the Central Leading Group on Financial and Economic Affairs, during the China Development Forum 2024 on Monday.

Consumption after the Covid pandemic had weakened, he said, noting China's macro policy will work to boost domestic demand while deepening supply-side reform in the future. The country will further lower household sector taxes in the new round of reform to increase resident income. (See MNI: China's Mega Cities To Ease Homebuying Limits Progressively)

Authorities will take measures to increase employment of private companies and relax control of medium and high-end consumption, said Yang. China added 17.83 million urban jobs in the period between 2020-2023, almost half from previous years, he continued.

China’s real-estate market still holds potential and efforts to ensure house delivery and stabilise the sector will be further strengthened, he noted.