China’s State Council announced Wednesday that the government would support consumption in six industries including property, Bloomberg reported, citing an official statement. China will “stabilize” housing-related consumption and relax conditions under which tenants can use their provident housing funds, the statement said, though it did not provide further details on any measures to do so. The announcement is the first in recent years in which the central government officially declared direct support for the housing market, according to Credit Suisse Group AG.
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