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China Must Prevent Rebound in Property Prices, Wen Says

Bloomberg
Barges on the Huangpu River loaded with coal steam past the skyscrapers of Lujiazui financial district in Shanghai, China. Photographer: Qilai Shen/Bloomberg

Barges on the Huangpu River loaded with coal steam past the skyscrapers of Lujiazui financial district in Shanghai, China. Photographer: Qilai Shen/Bloomberg


Chinese Premier Wen Jiabao said downward pressure on the economy is still “relatively large” and the government will intensify fine-tuning of policies even as measures taken since April are helping stabilize a slowdown.



Wen’s comments, four days after the central bank announced the second interest-rate cut in a month, were made during an inspection tour of eastern Jiangsu province, the official Xinhua News Agency reported yesterday. The premier also pledged to “unswervingly” continue property controls and prevent prices from rebounding, Xinhua said.

Asia’s largest economy probably grew at the slowest pace in three years in the second quarter, underscoring the risks to a global recovery already threatened by a worsening crisis in the euro area and faltering employment gains in the U.S. The International Monetary Fund next week will cut its world-growth estimate this year, with Managing Director Christine Lagarde warning the outlook has “regrettably become more worrisome.”


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