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IPFS News Link • Economy - International

Alarming China statistic of the day: Building Bubbles with Stimulus

08-05-2009 • TheMessThatGreenspanMade.blogspot.com/

Record bank lending in China drove average prices for new homes 6.3 percent higher in June in 36 large and medium-sized Chinese cities, according to government data. That gain came even as urban unemployment rose and wage growth for workers in Chinese cities slowed. “The government should do something to effectively control the speed of growth of the real estatemarket,” Han said. “The housing price in Shanghai is already too high. We must prevent excessive inflation of home prices in this market.” Chinese banks made 7.37 trillion yuan ($1.07 trillion) of new loans in the first six months of 2009 as the government sought to bolster economic growth that slowed to the weakest in almost a decade in the first quarter.

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Reported By Jack Gregson

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