China Plans to Build 6 Million Afforadable Housing by Next Year

China Plans to Build 6 Million Afforadable Housing by Next YearJiang Weixin the Minister of Housing and Urban Rural development said that construction of around 6 million affordable housing homes will start by next year. Jiang also said that building such an infrastructure is a big task since it will include school, subways, clinics and nurseries.

So far the government is involved in the construction of more than 7 million government subsidized housing this year alone, and the plans are part of its five year plan to construct 36 million affordable houses by the year 2015 that will make housing more accessible to low income families. The government will also make sure that these housing will be distributed equally and restrictions on home purchases will not be eased.

In other news, Yang Zhiming the Vice Minister for Human Resources and Social Security said that the job market in China is feeling the pressure of the economic downshift as new job growth slowed and narrowed since April dropping job vacancies leaving more people unemployed. Also by the end of September the country’s urban registered unemployment rate stands at 4.1 percent which remains unchanged from the second quarter of 2012.

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