"The impact from the triple pressures on economic operations – shrinking demand, supply shocks and weakening expectations – is growing," said Fu at a press conference in Beijing.
"With exports cooling, the property sector still in the doldrums and the zero-COVID policy likely to remain in place longer than many hope, the near-term outlook is gloomy." Property sales measured by floor area dropped 23.2% year-year in October, falling for a 15th straight month, with buyers reluctant to take on more debt as the economy slows amid protracted COVID restrictions.
Chinese financial regulator said in a notice published on Monday it will allow property developers to access some pre-sale housing funds, in the latest move to relieve the liquidity crunch.
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