China will strictly limit credit flowing into speculative buying in the property market in 2017, according to the Central Economic Work Conference statement issued on Friday.

"Properties are for residential use, not speculation", the statement said.

The country will speed up efforts to build a long-acting mechanism for stable and healthy development of real estate, and planners will employ multifaceted policies involving financing, land, fiscal investment and legislation to curb a housing bubble as well as wild volatility in real estate, the statement said.