Real estate's contribution to GDP falling

The real estate sector's contribution to overall gross domestic product growth is likely to drop significantly in 2017, according to the head of the National Bureau of Statistics.

The real estate sector contributed 6.5 percent to overall GDP in China in 2016, or 7.8 percent to overall GPD growth in the country, according to Ning Jizhe, head of the NBS and deputy director of the National Development and Reform Commission.

Ning said that in 2017 the financial authorities would rigorously implement the policy that housing is for housing, not for speculating, and enable the real estate market to develop in a healthy and stable manner.