In 2016, after Xi Jinping proposed that housing is for living in, not for speculation, local governments resisted and he ultimately abandoned the policy

In 2016, Xi Jinping proposed that housing is for living in, not for speculation, in an attempt to push down housing prices. Local governments passively resisted due to fiscal and debt problems, and collective incidents of unpaid wages for teaching staff and public employees occurred. Xi Jinping ultimately abandoned this policy and turned to backstopping local government debt.