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ed for at least 35 m2 building space by 2020. According to the National Bureau of statistics, by 2011, average per capita floor space of residential building in urban China was about 32.7 m2.

Even if the data released is reliable, it implies that China still got a long way to achieve its ambitious target by 2020. Therefore, how to direct the healthy development of the sector has become increasingly important in the coming years. Fighting corruption During its 18th National Congress, the CCP addressed the urgency and significance of fighting corruption again. In his opening address, President Hu Jingtao stressed that combating corruption and promoting political integrity were two major issues needing to be tackled immediately by the Party. Without seriously fighting corruption, the Party and the State would die. In 2012, China was placed number 80 out of the 176 countries in Transparency International's Index of state corruption. The ranking is in the middle, suggesting that the country has done a lot in anti-corruption over these years, but still not enough. Wang Qishan, China’s new Secretary of the Central Commission for Discipline and Inspection was chosen to lead the country’s anti-corruption campaign and a series of measures were proposed to tackle the issue. For example, the rules related to receiving gifts and overseas visits were tightened and the senior officials were required to publicly disclose their personal income and family wealth. Such policy would inevitably cause short-term pain for some sectors, such as liquor and cigarette firms, luxury goods firms and real-estate, but it will benefit the market in the long term. Nevertheless, despite welcomed by the majority of the Chinese residents, whether the government could indeed eliminate corruption remained unconvincing. The political system in China determines that few people entrusted with too much power and absolute power would inevitability lead to corruption. On the other hand, relationship building and gift giving is deeply embedded into the Chinese culture and it is therefore hard to change such a culture. Family members of top leaders are used to exploit their privileged positions for personal gains.18 Therefore, to make the anti-corruption drive credible, rather than a sideshow, drastic actions need to be taken by President Xi in the coming years.

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