This month a Shanghai banking regulator disclosed that the Ministry of Finance is drafting rules to control the financing subsidiaries of local governments.

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Administration officials said they didn't hew closely to the existing emergency plan, because they found some of it impractical, including complex rules outlining how local governments should ask for help.

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The central government also said it would reform its local residency system, and that has enabled local governments to offer easier residency rules for out-of-town buyers.

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