Lower GDP Rate Means More Happiness?

In China's big cities nowadays, both middle- and low-income earners feel they are blocked from buying an apartment, either by restrictions for non-local residents or by high prices. In fact – and it's not just about housing issue - it seems more Chinese people now feel less happy than before, though they are becoming richer.

As Su Yi reports, people's well being is a popular topic in ongoing political sessions. National advisors suggest putting the country's economy on a more sustainable footing will help people feel happier.

Liuliqiao, a main road juncture in western Beijing, has been much busier in the rush hours after the holiday season this year. Many migrant workers who cannot afford renting a room in the center of the city anymore have to join the long commute with the locals who have been relocated to suburban government housing.

Local governments are now being pushed to build at least ten million affordable apartments this year to house the exploding population in big cities.

Mayor of Chongqing, Huang Qifan, says the government houses of his city will be enough for two million people in the next three years, which is able to cover more than one third of total population. So far, it covers less than five percent.

Many governors, like Liu Ping, the Deputy Governor of Yunnan Province, says they feel the pressure. But Liu says they have been given the green light to raise money in what he says is "a flexible way".

Zhang Hongming, real-estate expert and also member of the country's top political advisory body, suggests more "non-traditional" ways could be used to solve the financial problem.

Housing official Zhang Xueqin reveals that the central government will use government bonds to support local budgets. He also promises the private investors of public rental houses will get tax incentives.

National advisor Zhang Hongming says top policymakers are aware that the growth which relies too much on selling land and booming property markets is not sustainable.

Chinese Premier Wen Jiabao recently lowered the country's GDP growth target in the next five years to seven percent from eight.

Another national advisor, Jing Tiankui, says it signals a shift in government priorities from GDP frenzy to people's happiness, which he believes is the essence of growth.

Macro-economist Yuan Gangming from Tsinghua University points out, in general, the country is focusing on changing wealth distribution, which he says comes only after the economy is already healthy and stable enough.

For CRI, I'm Su Yi.