The government work report no longer mentions "stabilizing the decline." The focus of housing market policies shifts to "destocking."

2026-03-06 07:32:59

Abstract generation in progress

Caixin: The 14th National People’s Congress Fourth Session opened on March 5, 2026. Premier Li Qiang stated in the government work report that in 2026, the focus will be on “stabilizing the real estate market,” with efforts centered around “controlling new supply through city-specific policies, reducing inventory, and optimizing supply.”

It is noteworthy that the government work report did not mention “stabilizing after a decline.” This phrase first appeared in the Central Political Bureau meeting held in September 2024 and was repeatedly emphasized in the subsequent Central Economic Work Conference and the 2025 government work report.

Looking at the changes in the wording of government work reports over the past three years, the main focus of real estate policy has clearly shifted: 2024 emphasized risk mitigation and institutional transformation, 2025 focused on pushing the market to “stop falling and stabilize,” and 2026’s policy priorities further shifted toward “reducing inventory” and supply structure adjustments. Market research firm CRIC believes that this series of statements reflects the real estate industry’s transition from decline to recovery, forming a progressive relationship.

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