Real Estate Not a Pillar Sector: Economic Planner

Updated: 2013-03-25 ( Xinhua) - China does not regard its property market as a pillar sector for its economy, according to an official with the country's economic planner.

Zhu Zhixin, deputy director of the National Development and Reform Commission, made the remark Sunday in response to the widespread misunderstanding of the importance of the housing market.

He was speaking at the ongoing China Development Forum held in Beijing.

Instead, the central government considers the construction industry as a pillar one, he said.

Zhu thought the pivot point is to guarantee housing for subsistence needs, or the housing demand from low-income citizens.