Surging property prices top agenda

Another primary focus of this year's annual NPC and CPPCC sessions is controlling runaway housing prices, as increasingly un-affordable homes trigger public complaints. Many proposals address how to rein in the market and to satisfy people's basic need for housing.

Reporter Feng Ling said, "A sharp nationwide rise in residential property prices last year triggered strong public complaints and fears of a possible asset bubble."

One option is to increase supply.

Zhang Xiaoji, CPPCC member, State council researcher.

Zhang Xiaoji, CPPCC member, State council researcher, said, "I think we should increase the supply of property. China is in the process of urbanization. So many people want to buy homes in cities. There is huge demand for housing."

Reporter Feng said, "Controlling speculative investment is considered key to preventing a housing market-bubble. Many are suggesting various credit and tax policies to target investment-led demand."

CPPCC member Jia Kang.

CPPCC member Jia Kang said, "A real estate tax would change home buyers' and home sellers' expectations, thereby stabilizing housing prices."

Feng said, "The government pledges in its work report to rein in soaring housing prices showing its determination to meet the housing demands of ordinary people, while also dampening property speculation. This is crucial to ensure the healthy development of the Chinese real estate market, and social stability.”