Chinese regulators have eased pressure on property developers by loosening credit controls and allowing more bond issuance in recent weeks in an effort to prevent the sector from collapsing. But analysts and government advisers say the measures do not represent a retreat from President Xi Jinping’s crackdown on the sector.

Real estate is estimated to account for as much as one-third of overall economic activity in the world’s second-largest economy, highlighting the wider implications of any significant shift in policy. The industry has been struggling in recent weeks to deal with a liquidity crisis that has driven some of the country’s biggest developers, such as Evergrande, to the brink of bankruptcy.

“There are still systemic risks posed by a real estate meltdown to the broader economy,” said Deng Haozhi, a Guangzhou-based property analyst. “It is up to regulators to avoid that scenario.”