[Xi] repeated the slogan during the opening speech of the 19th National Congress of the Chinese Communist Party in October 2017. He continued by saying “China will accelerate establishing a system with supply from multiple parties, affordability from different channels, and make rental housing as important as home purchasing”.
From what little I know about the subject: China has two kinds of social welfare plans (rural and company workers). The latter is quite good, well financed by their largest companies and is mostly addressed towards the population in their largest cities.
However until 2014, the rural plan was almost nonexistent and people on that plan were supposed to fend by themselves. But isn’t dramatically better now.
While I am saying rural, this two ways approach is tied to the hukou system which is defined according to your birth house registration. So if your family is in the rural plan, your eventual pension plan would be a very meager pay.
That is why a lot of people had invested in real state and a bubble was allowed until Evergrande’s demise and the creation of the three red lines happened.
Which honestly, it means a lot of Chinese families lost their later life savings with it, and that’s quite sad.