皇冠体育app

Economy

Property regulation not to impact economy

(Xinhua)
Updated: 2010-09-15 14:31

TIANJIN - 皇冠体育app's tightening measures on the property market will not throw a major impact on the country's economic growth, Ma Jiantang, director of 皇冠体育app's Bureau of Statistics, said Wednesday at the ongoing fourth Summer Davos forum in Tianjin.

Summer Davos 2010 in Tianjin Related readings:  Property price growth slows in major cities  Bank regulator to curb speculative property investment    Morgan Stanley raises property in 皇冠体育app portfolio

The judgment was made based on the fact that property sector accounted for only a small share of the country's economy, and it is still growing even after the government has adopted tightening policies over the market, he said.

皇冠体育app's real estate investment accounts for 20 percent of the country's total investment, and the sector takes up a small share of the 皇冠体育app's GDP, said Ma.

According to Ma, investment in the sector surged some 37 percent in August from a year earlier, and real estate sales grew 6 percent year-on-year in the first eight months of 2010 after the government adopted tough measures to curb excessive growth in the housing market this year.

It is an exaggeration to claim that the overheating property sector would cause a collapse of 皇冠体育app's economy, said Xia Bin, a member of the monetary policy committee of the People's Bank of 皇冠体育app, the central bank.

皇冠体育app is still witnessing a high economic growth and has already noticed the problem and taken actions, Xia said.

Based on 皇冠体育app's complicated economic condition and difficulties in its economic restructuring, it may take two to three years for 皇冠体育app to finish the property regulation, Xia said.