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China Seeks To Temper Boom, Stirs Growth Fears
Keywords:
Tags: Housing / Real Estate, China,
China's GDP growth of 8.7% for 2009 is based on private sector investment in housing and infrastructure spending through the stimulus funds. Now with a asset price bubble developing from excesssive lending in 2009 the government is trying to slow bank lending. Experts see a situation similiar to Japan, as an asset price developed there in the 1980's after rapid industrialization. Even though China will still be a developing country after this phase of growth. Property prices are going up by 20% a year in the major cities. And with it making housing unaffordable for most people except the top 20% of the people who comprise about 120 million. This raises issues of equitable growth for Beijing. Much of the rest of the country is being left behind when it comes to housing and in other areas like health care.
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Stiglitz and Sen's report point to need for looking at multiple indicators of growth, including education, health care and environment.
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Be skeptical of touting GDP growth numbers. China which has done this has learnt from this experience as it shifts to trying to assess the costs of environmental degradation in headlong industrialization. The U.S. and the shift to bigger houses and bigger cars, which later fed a collapse of housing and the auto industry show a different angle of this obsession with GDP numbers that can work constructively or destructively if not understood and managed properly. Air quality and pollution is a major problem in China and affects the quality of life.
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I.M.F. Tells China of Urgent Need for Economic Change
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In China, Sobering Signs of Slower Growth
New York Times 03/05/2012
China's property market: Protecting the middle class
Economist 02/05/2011
Beijing Directs More Funds Toward Affordable Housing
Wall Street Journal 03/10/2011
China: Subsidized, Not Subprime
Wall Street Journal 03/26/2011
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