China eases restrictions on loan approval for commercial housing projects

China is easing restrictions on the approval of bank loans for commercial housing projects by bringing all eligible real estate projects under the coverage of the "white list" mechanism for project financing, a senior official with the National Financial Regulatory Administration (NFRA) on Thursday.

Speaking at a press conference in Beijing, Xiao Yuanqi, deputy head of the NFRA, said that conditions are now ripe for managing the extension of loans for all commercial housing projects in line with the "white list" mechanism.

The "white list" is an itemized register of real estate projects or developers that have been ruled compliant with regulations and thereby eligible for financial support.

Under the "white list" mechanism launched in late January 2024, local authorities can recommend real estate projects eligible for financial support to financial institutions.

The mechanism is part of China's efforts to stabilize the sector weighed by debt problems and boost confidence in an industry that accounts for nearly 6 percent of the country's GDP, according to the National Bureau of Statistics.

Since the beginning of this year, the NFRA has teamed up with the housing and construction authorities to guide the establishment of an urban real estate financing coordination mechanism to include all compliant real estate projects into the "white list", and to encourage financial institutions to step up support for the financing of white-listed real estate projects, according to Xiao.

After the inclusion of compliant real estate projects into the "white list", the management of real estate projects will be more standardized and financing for eligible projects will be more convenient and faster, which will play a big role in safeguarding the construction and delivery of projects and in protecting the legitimate rights and interests of home buyers, said the official.

"At present, the conditions for managing all commercial housing project loans in accordance to the 'white list' mechanism are in place. Real estate projects that meet the 'white list' standards should all be managed in line with the 'white list' requirements to ensure that eligible projects can be covered as much as possible," Xiao said.

"As of October 16, 2.23 trillion yuan (313.1 billion U.S. dollars) of loans had been approved for 'white list' real estate projects. It is expected that by the end of 2024, the amount of loans approved for such projects will double to more than 4 trillion yuan (561.6 billion U.S. dollars). In order to ensure the financing of real estate projects and the completion and delivery of housing projects, we will persistently strive for further optimizing and improving the 'white list' mechanism for financing real estate projects with greater efforts and more concrete measures, so that eligible projects can be included into the list as many as possible, loans can be approved as much as possible, and funds can be appropriated as early as possible," said the official.

China eases restrictions on loan approval for commercial housing projects

The second Liangzhu Forum opened in Hangzhou, the provincial capital of Zhejiang in east China on Monday, aimed at promoting exchanges and mutual learning between civilizations.

Themed on "Exchanges and Mutual Learning: A New Form of Human Civilization," the forum gathers more than 300 archaeologists, writers, musicians and other scholars from over 60 countries and regions. It is jointly sponsored by the Ministry of Culture and Tourism, the National Cultural Heritage Administration, and the Zhejiang Provincial Government.

Discussions are centered around topics of "Reimagining civilization: Archaeology and the diversity of civilizations in a global perspective," "Creativity in literature: Resonances of world literature and the development of human society," and "The evolution of musical spirit: Modern echoes of Chinese and foreign music traditions."

Rooted in the 5,000-year history of Chinese civilization, the forum leverages the archaeological ruins of Liangzhu, inscribed as a UNESCO World Heritage site in 2019, as evidence of China's cultural achievements in ancient times.

"There is a keyword in our Liangzhu Forum called 'mutual learning'. To simplify, 'mutual learning' is akin to looking at each other in a mirror. When we understand the Liangzhu Forum from the perspective of mutual learning or civilizations engaging in dialogical exchange, we are not only engaging with other civilizations but also reflecting upon ourselves," said Chinese writer and documentary director Zhang Hailong. "That is the significance -- it's listening to everybody's viewpoints and so that we can find sort of mutual understanding with the development of music and culture and humanity in general. So that we can sort of come together with a better plan, so to speak," said Bobby Borg, a professor of Music Industry of the University of Southern California.

Highlights of the forum include a presentation of China's achievements in compiling "A Comprehensive Collection of Ancient Chinese Paintings," a state project that involves at least 12,405 pieces (sets) of Chinese paintings from over 260 domestic and overseas museums and other cultural institutions, as well as a special concert titled "Echoes of Liangzhu."

Located in the Yangtze River Basin of Zhejiang Province, the archeological ruins of Liangzhu, dating back at least 5,000 years, reveal an early regional state with a unified belief system based on rice cultivation in the late Neolithic Period (around 7000-1700 BC). The archeological site is recognized as one of the earliest examples of Chinese civilization.

2nd Liangzhu Forum opens in Hangzhou to promote exchanges