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To tackle the woes, policy makers made reducing the home supply glut one of their top priorities this year and announced a slew of measures. Last week, taxes on some property transactions were slashed and further reductions to the minimum down payments for first- and second-time home buyers was announced earlier this month.

In the past year, under the firm leadership of the Central Committee of the Communist Party of China (CPC) headed by General Secretary Xi Jinping, the NPC Standing Committee comprehensively implemented the guiding principles of the 18th National Party Congress and the third, fourth, and fifth plenary sessions of the 18th CPC Central Committee; followed the guidance of Deng Xiaoping Theory, the Theory of Three Represents, and the Scientific Outlook on Development; and fully grasped and put into practice the guiding principles from General Secretary Xi Jinping's major policy addresses.

He said that local government and Party officials must abide by the law as they implement reform policies and that they should encourage the public to do likewise.

"Party committees at all levels should [...] encourage forward thinking, praise outstanding work, but also tolerate mistakes and failures so all officials actively, voluntarily and creatively participate," it added.

1) The implementation of targeted measures to reduce poverty gathered pace. We launched a number of projects to alleviate poverty, such as relocating people from inhospitable areas, supporting the development of local industries, promoting education and helping to increase health standards in poor areas, and providing support for people seeking employment. The number of people living in poverty in rural areas was reduced by 14.42 million. Greater efforts were made to support the development of the old revolutionary base areas and the revitalization of the former Central Soviet areas including southern Jiangxi. We strengthened support from the central government and pairing assistance programs for underdeveloped localities, and took further steps to promote both the economic and social development and the long-term peace and stability of Xinjiang, Tibet, and Tibetan ethnic areas in Sichuan, Yunnan, Gansu and Qinghai.