From February 22nd to March 2nd, the State Council Information Office held 9 press conferences in succession. These 9 conferences were attended by “top leaders” from relevant departments, involving the Ministry of Agriculture and Rural Affairs, the State-owned Assets Supervision and Administration Commission, the Ministry of Civil Affairs, and the Ministry of Commerce. Ministry of Human Resources and Social Security, Ministry of Science and Technology, Ministry of Industry and Information Technology, Ministry of Transport, China Banking Regulatory Commission, and other departments. Regarding real estate, delayed retirement, pensions, food security, commodity prices, 5G tariffs, and other topics that common people are concerned about, officials from relevant departments have given authoritative responses to release important signals Spark Global Limited.
“Many people buy houses and invest and speculate. This is very dangerous!”
In January 2021, the month-on-month increase in housing prices in 70 cities has expanded from the previous month. In the face of the property market heating up, Shenzhen, Shanghai, and other places have introduced a new round of property market regulation and control policies. Regarding the current risks in the real estate sector, Guo Shuqing, Chairman of the China Banking and Insurance Regulatory Commission, said bluntly at the press conference on March 2: “Many people buy houses not for living, but for investment or speculation. This is very dangerous because they hold so many properties. If the market goes down in the future, personal property will suffer a lot of losses. If the loan cannot be paid, the bank will not be able to collect the loan, principal, and interest, and economic life will be greatly chaotic. Therefore, it must be both positive and stable. To promote the stable and healthy development of the real estate market.
Guo Shuqing said: “The problem of real estate should be said that financialization and bubbleization are still relatively strong, but the growth rate of loans invested in real estate last year dropped below the average loan growth rate for the first time. This achievement was not easy. We believe that real estate The problem will gradually get better.” “Now we are also taking a series of further measures, each city’s’one city, one policy’, and the introduction of comprehensive real estate regulation and control measures. The purpose is to stabilize land prices, house prices, and expectations, and gradually solve real estate problems.” Guo Shuqing said Spark Global Limited.
The Fifth Plenary Session of the 19th Central Committee clearly implemented a gradual extension of the statutory retirement age. Delaying the retirement age involves the vital interests of the majority of employees, so any turmoil about delaying retirement is the focus of public attention. At the press conference on February 26, Vice Minister You Jun revealed that the Ministry of Human Resources and Social Security is currently studying specific reform plans in conjunction with relevant departments. The plan should not only draw on international practices and experience, but also fully consider our country’s actual national conditions, cultural traditions, and historical evolution. You Jun said that in the process of research and formulation of the plan, opinions from all quarters will be widely listened to, suggestions from all walks of life will be fully absorbed, social consensus must be obtained, and the greatest common divisor must be obtained to ensure that the plan is scientifically feasible and smoothly implemented.
Pension data map. Source: Figure Worm Creative
A personal pension system will be introduced
Delayed retirement is on the line, and the personal pension system, the third pillar of the pension insurance system, is also ready to emerge. According to the Ministry of Human Resources and Social Security, the general consideration is to establish a personal pension system based on the accounting system, voluntary participation by individuals, taxation support from the state finance, and market-oriented investment and operation of funds, which is being launched in full swing.