NBS: New economic tightening measures unlikely
(XFN-ASIA)
Updated: 2006-09-25 15:44 Qiu also said that property prices will continue to go up in the long-term
but at a slower pace because of rising land prices, higher compensation and
relocation fees and stronger demand for better housing from 'real end-users'
owing to higher living standards.
'Due to the country's limited land resources and growing demand for housing,
property prices in China are bound not to be cheap,' the newspaper quoted him as
saying.
Qiu added that low levels of China is unlikely to launch new measures to rein
in rapid economic growth because signs are emerging that fixed-asset investment
is slowing and rising property prices have moderated, The Standard reported,
citing the director of the National Bureau of Statistics.
Qiu Xiaohua told the newspaper that measures taken by the central government
this year to cool overheated sectors have started to take effect, so further
tightening measures are unnecessary.
'As the measures that have been put into place are effective, we will
continue with them and keep a close eye on their outcome to ensure better
implementation,' the newspaper quoted Qiu as saying.
China's fixed-asset investment in August was up 21.5 percent year-on-year but
down 5.9 percentage points from July, which in turn was down 6.1 percentage
points from the 3.5 percent growth in June.
Property prices climbed 5.5 percent year on year in August, slightly lower
than the 5.7 percent and 5.8 percent rises in July and June.
Qiu attributed the slowdown to the effectiveness of controls, adding that the
economy can achieve sustainable growth, the newspaper said.
He said that investment is the most important of the three economic drivers,
ahead of consumption and exports.
Qiu also said that property prices will continue to go up in the long-term
but at a slower pace because of rising land prices, higher compensation and
relocation fees and stronger demand for better housing from 'real end-users'
owing to higher living standards.
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