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Chinese Leader Says Country Needs To Stabilize Home Prices

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Stabilizing house prices is an essential task for every level of government in China, Prime Minister Wen Jiabao said on Monday, underlining how worries about a red-hot property market have become a central focus of policy makers.

Runaway property prices are not only a grave threat to China’s economy, but could imperil social stability if left unchecked, Mr. Wen told a meeting of the World Economic Forum in the northern port city of Tianjin.

“It is the key responsibility of all levels of governments to stabilize housing prices and to guarantee availability of housing,” he said.

China has been trying to tamp down property prices, which have soared in the last year and threaten to swell into a bubble that analysts warn could derail the world’s fastest-growing major economy.

Mr. Wen expressed confidence about the broader health of the Chinese economy and repeatedly called attention to the country’s role in promoting global recovery from the international financial crisis in the last two years.

Speaking to an audience of global executives and government officials, Mr. Wen sought to allay concerns about regulations that foreign firms worry could put them at a disadvantage in the Chinese market. He said foreign suppliers would have a level playing field with local firms in bidding for government contracts.

“I would like to reiterate that all enterprises registered in China in accordance with law are Chinese companies,” he said.

“Their products are regarded as made in China and their inventions as created in China,” Mr. Wen added. “China will treat foreign-invested enterprises and local companies equally and fairly in government procurement.”

China has often said that it will not discriminate against foreign businesses, but global executives worry that new rules meant to support innovation in China could make it harder to win contracts in the fast-growing market.

Are house prices included in Chinese GDP figures?

Still I'm sure they won't make the same mistakes that the West have done.

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  • 415 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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