In order to deepen the reform of the housing provident fund system and better meet the diverse housing needs of depositors, the Ministry of Housing, Urban-Rural Development recently initiated the revision of the “Housing Provident Fund Administration Regulations” and solicited public comments on the “Housing Provident Fund Administration Regulations”. Compared to the relevant provisions of the old regulations, there are many changes worth paying attention to in the draft solicitation of comments. The draft for solicitation of comments mainly reflects three major highlights. First, deposit coverage has been expanded, making it clear that individual businesses, part-time workers, and other people with flexible employment can voluntarily participate in the housing provident fund system, which means that takeaways, couriers, online ride-hailing drivers, etc. can also pay later. Second, the scope of use has been broadened, and self-occupied housing renovation and payment of property fees are clearly included in situations where housing provident funds can be withdrawn. In other words, expanding from “buying a house” and “renting a house” to “repairing a house” and “maintaining a house,” the use of capital is richer. Furthermore, it is clearly necessary to strengthen the digital capacity building of provident funds, strengthen business collaboration across regions, departments, and levels, and promote mutual recognition and mutual loans for housing provident funds. Experts said that the core direction of this revision is to better meet the diverse rental needs of residents, especially new citizens, young people, etc., and strengthen the supporting role of the Housing Provident Fund in expanding domestic demand and promoting housing consumption.

In order to deepen the reform of the housing provident fund system and better meet the diverse housing needs of depositors, the Ministry of Housing, Urban-Rural Development recently initiated the revision of the “Housing Provident Fund Administration Regulations” and solicited public comments on the “Housing Provident Fund Administration Regulations”. Compared to the relevant provisions of the old regulations, there are many changes worth paying attention to in the draft solicitation of comments. The draft for solicitation of comments mainly reflects three major highlights. First, deposit coverage has been expanded, making it clear that individual businesses, part-time workers, and other people with flexible employment can voluntarily participate in the housing provident fund system, which means that takeaways, couriers, online ride-hailing drivers, etc. can also pay later. Second, the scope of use has been broadened, and self-occupied housing renovation and payment of property fees are clearly included in situations where housing provident funds can be withdrawn. In other words, expanding from “buying a house” and “renting a house” to “repairing a house” and “maintaining a house,” the use of capital is richer. Furthermore, it is clearly necessary to strengthen the digital capacity building of provident funds, strengthen business collaboration across regions, departments, and levels, and promote mutual recognition and mutual loans for housing provident funds. Experts said that the core direction of this revision is to better meet the diverse rental needs of residents, especially new citizens, young people, etc., and strengthen the supporting role of the Housing Provident Fund in expanding domestic demand and promoting housing consumption.