(5 Mar 2023)
RESTRICTION SUMMARY:
ASSOCIATED PRESS
Beijing, China - 5 March 2023
1. Top shot of officials and deputies onstage at the opening session of National People's Congress (NPC)
2. Close of Chinese President Xi Jinping
3. Mid of officials and deputies onstage
4. Wide of Chinese Premier Li Keqiang delivering the government work report
5. SOUNDBITE (Mandarin) Li Keqiang, Chinese Premier: ++AUDIO QUALITY AS INCOMING++
“We should ensure effective risk prevention and mitigation in high-quality, leading estate enterprises, and promote stable development of the real estate sector.”
6. Pan of deputies at the opening session
7. Mid of officials onstage
8. Close of Li Qiang, member of the CPC Politburo Standing Committee
9. Mid of Li Qiang (left), Li Zhanshu (middle) and Xi Jinping (right)
10. Top shot of officials and deputies at the opening session
STORYLINE:
Chinese premier Li Keqiang on Sunday called for "risk prevention and mitigation" to "promote stable development" of the country’s real estate sector during a speech at the opening session of this year’s congress in Beijing.
Chinese economic growth has struggled since mid-2021, when tighter controls on debt that Beijing worries is dangerously high triggered a slump in the vast real estate industry, which supports millions of jobs.
Smaller developers were forced into bankruptcy and some defaulted on bonds, causing alarm in global financial markets.
The government work report released online also mentioned prevention of “unregulated expansion” in the real estate market.
A central bank official said Friday real estate activity is recovering and lending for construction and home purchases is rising.
A recovery based on consumer spending is likely to be more gradual than one driven by government stimulus or a boom in real estate investment.
But Chinese leaders are trying to avoid reigniting a rise in debt and want to nurture self-sustaining growth based on consumption instead of exports and investment.
AP Video shot by Wayne Zhang
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