China’s top leaders have pledged to spend more to steady its free-falling property sector as alarm grows at the country’s flagging economy, as Treasurer Jim Chalmers arrives in Beijing for talks on how it will impact Australia.
The Politburo said the government will strictly control adding more new-home projects and improve outstanding ones, as part of efforts to ease residential oversupply. No specifics were offered on the size of fiscal spending, with agencies likely to fill out the details in the coming days and weeks. “As our largest trading partner, we have a deep interest in China’s continued and stable economic growth and a deep interest in finding ways to continue cooperating where we can,” Chalmers said.He co-chaired the meeting with Zheng Shanjie, chair of China’s National Development and Reform Commission, one of the country’s top economic planning bodies.