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Financial institutions had 11.74 trillion yuan (1.86 trillion U.S. dollars) in outstanding loans to the real estate sector as of the end of last month, up 12.2 percent year on year, the People's Bank of China said in an online statement.

Visitors have to register at a police station with their visas within 24 hours of their arrival, according to the government.

The government, however, still holds the power to reclaim rural land, often for profitable development projects. Power abuses and low compensations have fueled protests among rural residents in recent years.

The snowstorms from Sunday to Tuesday have affected more than 7,500 residents in Hegang and Shuangyashan cities in northeast China's Heilongjiang Province. The snowstorms also flattened 170 houses and suspended local bus service, local government officials said.

He urged the two sides to promote a balanced growth of two-way trade, saying China will expand its importation of Italy's fashion goods, agricultural products and precision instruments. He also hoped Italy could help relax EU's restriction on exporting high-tech products to China.