Xi Jinping Warns Against Property Speculation in 19th National Congress Report

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In an over three hour-long work report delivered on the opening day of the 19th National Congress of the Chinese Communist Party, President Xi Jinping made pointed reference to the problem of property speculation, while reiterating the importance of “Socialism with Chinese characteristics” in the country’s modern political economy.

During a speech that ran for three hours and 29 minutes, Xi pointed to the need for party and state to “always make the interests of the people the utmost priority, enable the results of reform and development benefit all of the people, and continually strive towards achieving the common wealth of all of the people.”

Xi mentioned the need to “raise the quality of employment and the level of people’s incomes,” by “firmly upholding employment prioritisation strategies and active employment policies, and achieving higher quality and fuller employment,” as well as the “large-scale development of vocational technical training, a focus on resolving structural employment dilemmas, and encouraging entrepreneurship to stimulate employment.”

With respect to housing Xi said that the central government would maintain its stance that “housing is to be used for occupation, and not speculation,” as well as see to the “accelerated establishment of a residential housing system with multiple suppliers, multiple channel guarantees, which provides for both leasing and purchasing, and enables all of the people to have a place in which to live.”

During the speech Xi placed heavy emphasis upon importance of Socialism with Chinese Characteristics as one of the ideological planks of modern China’s political economy.

“Following lengthy hard work, Socialism with Chinese characteristics has entered a new era, and this is the new historical position of our national development.

“This signals that the main conflict in Chinese society have already shifted to the conflict between the people’s constantly increasing need for a better life and unequal and insufficient development.

“Changes in China’s main social conflicts do not change our assessment of the nation’s historic socialist phase.

“Our nation still remains and for a long time will remain at the incipient phase of socialism – this basic national condition has not changed, and our nation’s international position as the world’s largest developing nation has not changed.

“Socialism with Chinese characteristics in this new era is a continuation and development of Marxist-Leninism, Maoism, Deng Xiaoping theory, the ‘Three Represents’ and scientific development perspectives, and is the latest result of the Sinicisation of Marxism, as well as the crystallisation of the practical experience and collective wisdom of the people and the party.

“[They] are key component parts of the Socialism with Chinese characteristics theoretical system, and the guide to action for the whole party and the entire nation for the realisation of the great revival of the Chinese people, and must be upheld as well as continually developed over the long-term.”

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