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China's cabinet proposes measures to cool property prices
Beijing (AFP) May 18, 2006 China's goverment has proposed stronger tax, credit and land policy measures to "restore order" to the country's sizzling property market, state media reported Thursday. A State Council (cabinet) meeting chaired by Premier Wen Jiaobao Wednesday decided more measures must be taken to curb the rapid property price rises to ensure the sector's "healthy development," the China Daily and China News Service reported. Tax, credit and land supply policies should play a bigger role in guiding the market and the supply of housing should focus more on low- or medium-priced properties, according to the meeting's proposals. Disclosure of real estate statistics should be more timely, accurate and transparent and the pace of the demolition of old urban housing should match the demand for new homes, the meeting circular said. Supervision of real estate construction should also be stepped up to prevent illegal trading and manipulation of property prices. "Housing prices are still rising too fast in some major cities," the China Daily quoted the circular as saying. "Order is yet to be restored in the property market." Nevertheless, the measures were only proposals and state press did not report any new specific rules that China's property sector must follow. Property prices in 70 large- and medium-sized Chinese cities witnessed an average 5.5 percent increase in the first quarter from the same period in 2005, according to official statistics quoted in the reports. The reports coincided with the release of official figures Thursday showing total investment in real estate projects rose 21.3 percent in the first four months of 2006 compared with the same period a year ago. Last month, China's key economic planning body announced plans to curb new real estate projects and other overheated sectors by cutting credit. "We must strengthen adjustments in fixed assets investments and tighten the throttle on land and credit," the National Developmental Reform Commission said in a policy paper. The People's Bank of China, or central bank, also last month raised its one-year benchmark lending rate by 27 basis points to 5.85 percent in an effort to cool an economy that grew a faster-than-expected 10.2 percent in the first quarter of this year. Community Email This Article Comment On This Article Related Links The Economy
US Focused On China Currency Reform
Beijing (UPI) May 16, 2006The U.S. Treasury Department's first permanent representative overseas Thursday stressed the urgency of working with China on currency reform, a day after the Bush administration said it would not brand the economic powerhouse a currency manipulator that seeks to gain unfair trade advantages. |
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