China is mobilizing the equivalent of $1.6 trillion to boost housing consumption amid a deepening economic slowdown. Housing investment has been halved as a share of GDP, falling from approximately 12.3% in 2020 to 6.1% in 2025, while property completions have declined nearly 40% over the same period. The Chinese government has eased purchase restrictions in major cities and introduced special bonds allowing local governments to acquire commercial properties and convert them into affordable housing. Beijing has set a target of reaching 60 trillion yuan, roughly $9 trillion, in annual retail sales by 2030. Goldman Sachs has estimated that up to $1 trillion in additional fiscal stimulus may be necessary to stabilize the housing market, which has been declining since 2021 following the implementation of the « three red lines » policy.
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