China central bank vows consistent policies to keep housing prices stable

China's central bank will keep its regulation on the real estate sector consistent to promote the sector's healthy and stable development, an official said Friday.

Aerial photo taken on Sept. 25, 2018 shows the downtown area in the sunset in Beihai City, south China's Guangxi Zhuang Autonomous Region. (Xinhua/Huang Xiaobang)

The central bank will stick to the principle that "houses are for living in, not for speculation" and continue to implement tailored housing regulation for different cities, said Zou Lan, head of the financial market department of the People's Bank of China, at a press conference.

The country stepped up financial regulation on the housing sector last year with policies encouraging liquidity into the manufacturing industry as well as small and micro companies instead of the property sector, Zou noted.

As a result, the growth rate in all kinds of loans surpassed the growth in real estate loans for the first time in eight years, Zou said.

The central bank will steadily implement the prudential management for real estate finance, increase financial support for the housing rentals, and promote the steady and healthy development of the real estate market, Zou said.