The most interesting part of China’s stimulus announcement was the omission of a key phrase that ignited the 2020 crackdown on the real-estate sector

• China’s property market is a huge part of the economy, but it’s now in a deep slump.
• Beijing has been cracking down on excessive debt and speculation in the property market since 2020.
• Authorities are now trying to boost the property market by encouraging consumption.

When Chinese President Xi Jinping proclaimed, “Houses are for living in and not for speculation,” in October 2017, the statement was met with stupendous applause in a red-hot real-estate market.

The mantra popularized by Xi has been an official fixture in major official communications since 2016, when Beijing was seeking to cool the sizzling property market, according to Bloomberg. Since 2019, the slogan has been present at every review of China’s top leadership, per the outlet.