BEIJING - China will step up efforts to promote the high-quality development of its real estate sector, advance urban renewal, and accelerate the upgrading of the construction industry in 2026, striving to secure a good start for housing and urban-rural development during the 15th Five-Year Plan period (2026-2030), an official said.

The 15th Five-Year Plan period will be a critical stage for China's housing and urban-rural development sector, Ni Hong, minister of housing and urban-rural development, said in an interview with Xinhua. While challenges will persist, these will also present valuable opportunities, he added.

Promoting high-quality development of the real estate sector is a priority that has been highlighted in major policy documents, including the recommendations for formulating the 15th Five-Year Plan. The central conference that set the tone for economic work in 2026 also underscored the need to stabilize the property market.

As China's new urbanization continues to advance, substantial room remains for optimizing and digesting existing housing inventory. At the same time, rising public expectations for high-quality housing point to the significant potential that still exists for the real estate sector, Ni noted.

Adhering to a city-specific and targeted policy approach, the country will focus on controlling new supply, reducing inventory and improving quality of housing supply, Ni said. Efforts will also be made to support developers' reasonable financing needs, and better meet the essential housing demand of residents and their demand for better housing, he explained.

Urban renewal will remain a key focus, Ni added. Over the past year, China made solid progress in this area, including the initiation of 26,000 old urban residential community renovations and the installation of 14,000 elevators, benefiting more than 4.7 million residents. Also, over 4,700 pocket parks were built and more than 5,800 km of urban greenways completed.

To further advance high-quality urban renewal, China will carry out comprehensive assessments to identify key issues and push forward projects aimed at improving people's livelihoods, supporting development and enhancing safety, Ni said.

The minister further highlighted the importance of upgrading the construction sector. This sector has provided strong support for China's economic and social development, the minister noted, citing a number of landmark projects, including the Hong Kong-Zhuhai-Macao Bridge and Beijing Daxing International Airport, as well as advanced equipment such as shield tunneling machines. Meanwhile, a range of landmark projects under the Belt and Road Initiative have helped China earn widespread international acclaim, the minister said.

Looking ahead, China will place greater emphasis on the application of technological innovation, vigorously develop intelligent construction and green buildings, and accelerate the cultivation of new quality productive forces in the construction sector, according to the minister.

The country will encourage construction enterprises to expand their global presence and enhance the industry's position and competitiveness in terms of global industrial division of labor, Ni added.