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Chinese cities need to boost land supply, says PM

Staff Writer |
Chinese cities under pressure from soaring home prices need to boost land supply and authorities fight an inventory overhang in smaller cities, Premier Li Keqiang said.

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China is looking to keep the property market stable this year after prices of new homes soared 12.4 percent last year, the most since 2011.

Authorities in more than 20 cities have introduced curbs to cool the market since October.

"We need to be clear that housing is for people to live in," Li said in a work report at the opening of the annual meeting of parliament.

He pledged to establish long-term mechanisms for promoting the steady and sound development of the sector, and take more category-based and targeted measures to regulate the market.

But there were still "differences" in the interpretation of such long-term mechanisms, said Jia Kang, former director at the Ministry of Finance's Institute of Fiscal Science, on the sidelines of the parliament meeting.

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