China will focus on ensuring the delivery of unfinished housing projects and work on policies to digest existing housing and upgrade new homes to better cater to market demand, the state-run Xinhua New Agency reported following a politburo meeting on Tuesday.

Authorities will adhere to city-specific housing policies and consolidate the responsibilities of local governments, developers and financial institutions to safeguard housing delivery, the meeting said. (See MNI EM: China's Housing Trade-ins Will Struggle To Reverse Downturn)

In addition to preventing and resolving real-estate risks, it is also necessary to implement plans to ensure provinces, cities and counties with high debt risks can truly reduce debt levels and develop stably, as well as promote the reform of small- and medium-sized financial institutions and the healthy development of the capital market, according to the meeting.