(Source: Asia Times)
A record surge in Chinese property prices has added new tension to China’s high-wire act of maintaining the economic growth required for social stability while warding off overheating and at the same snubbing demands from the United States that the government allow the Chinese currency to appreciate.
Property prices rose at a record pace in March, up almost 12% from a year earlier, according to the National Bureau of Statistics on Wednesday. This represents a considerable short-term acceleration after housing prices in 70 major cities rose only 1.5% in 2009, according to official data.
Read Robert M Cutler’s full article “China’s economy feels the heat” in the Asia Times (April 15, 2010).