PBoC Says Economy Reliant on Real Estate and Infrastructure for Growth

The report also reiterated "houses are for living in, not speculating on."

NBD: 央行：坚持房子是用来住的、不是用来炒的定位 ；教师“加班用餐时间猝死不算工伤”？人社局回应：已重新介入调查

The central bank issued a monetary policy implementation report for the second quarter of 2019. The report said that economic growth is highly dependent on real estate and infrastructure investment, and the economic endogenous growth momentum needs to be further enhanced. It is necessary to objectively understand and treat it rationally, strengthen confidence, maintain certain strength, make full preparations, and conscientiously do well in their own affairs, adopting targeted measures combining short-term and long-term, micro and macro, and promoting the formation of an effective final. Demand and new growth points. In accordance with the basic principle of "sincerity for the city", we insist that the house is used for living, not for the positioning of speculation, implementing the long-term management mechanism of real estate, and not using real estate as a means of stimulating the economy in the short term.

PBoC: 2019年第二季度中国货币政策执行报告

The part about real estate and infrastructure reliance:

It should also be noted that there are still some deep-seated problems and outstanding contradictions in the economic operation. Judging from the international environment, the international economic and financial situation is complicated, the momentum of global economic growth has weakened, monetary policies in major economies have turned loose, geopolitical risks remain high, and external uncertainties and instability have increased. Judging from the domestic economic situation, the production investment of enterprises tends to be cautious, the growth of manufacturing investment and private investment has slowed down, the economic growth is highly dependent on real estate and infrastructure investment, and the endogenous growth momentum of the economy needs to be further strengthened. This should be viewed objectively and rationally, confidence should be strengthened, concentration should be maintained, full preparations should be made, one's own affairs should be done well, and targeted measures should be taken to combine short-term and long-term and micro-and macro-level to promote the formation of effective final demand and new growth points.