久久亚洲国产成人影院-久久亚洲国产的中文-久久亚洲国产高清-久久亚洲国产精品-亚洲图片偷拍自拍-亚洲图色视频

China must reexamine housing to continue sustainable growth

(Xinhua)

2012-03-15 15:01

CHICAGAO - China's negative real deposit rates for households have led to an overweight investment in residential housing that must be reexamined if the country is to sustain economic growth, an economist said Wednesday.

Nicholas Lardy, a senior fellow at the Washington-based think tank Peterson Institute for International Economics, said that China's negative real deposit rates -- as nominal interest rates are below inflation -- since 2004 have made investments in banks unattractive for households.

Without this outlet in the banking sector, the Chinese people looked to alternative forms of investment, especially residential housing, which last year comprised more than 9 percent of the country's gross domestic product (GDP) and 40 percent of all Chinese household wealth, he said.

By comparison, the US housing market took up about 6 percent of GDP at its peak in 2006, before the bubble started to collapse, and households held about 33 percent of wealth in residential property.

"It's very hard to find an economy where this high a share has gone into residential property," said Lardy, who spoke at the Chicago Council on Global Affairs.

However, the Chinese housing market is not completely comparable to the US housing bubble as Chinese households are not using economically unsound leveraging policies, Lardy said.

But such overweight investment in residential housing could pose a "macroeconomic risk" to the Chinese economy, Lardy said, as demand for real estate-related products could drop significantly when housing investment shrinks.

"It might not be the financial sector that suffers directly from a slowdown in housing (as in the United States) but ... if the demand for cement and steel and copper and aluminum and a lot of other products softens because housing investment comes down to a more sustainable level, then the economy is going to slow down quite significantly unless there is some other offsetting source of demand," Lardy said.

The economist believed the best way to address the problem is to phase out the negative deposit rates that cause Chinese people to favor real estate as an investment.

Such a measure would stimulate private consumption which, compared with the residential housing boom, is a more sustainable engine for China's economic growth.

"Unless they have some alternative driver of economic growth, it's likely their overall GDP growth could slow down quite substantially, so they need to generate more private consumption expenditure," said Lardy, author of the book "Sustaining China's Economic Growth After the Global Financial Crisis."

Restrictions on the real estate sector are one of the hotly debated topics at this week's annual sessions of the National People's Congress, China's top legislature, and top political advisory body, the National Committee of the Chinese People's Political Consultative Conference, in Beijing.

Paper kettle

An Italian designer, Andrea Ponti, designed a recycled paper-made water container for the Milano Expo 2015, according to yankodesign.com.

Bamboo treecycle

The Bamboo treecycle developed by MGT Engineering Ltd is on dispay at the 21th China Int'l Bicycle and Motor Fair.

Charger captures power from Wifi

A US electronics company invented a charger that draws its power from Wifi signals.

Making green dreams economic realities

Twenty-one private enterprises from China will join the China Going Green Dialogues - part of the 2012 UN Conference on Sustainable Development, known as Rio+20 - in June, in Rio de Janeiro, Brazil.

Yichun to host green tourism festival

Heilongjiang Forest Ecological Tourism Festival, an event aiming to promote healthy and environmentally friendly tourism, will be held in Yichun, Heilongjiang province, on July 13.

World Environment Day

World Environment Day is an annual event that is aimed at being the biggest and most widely celebrated global day for positive environmental action. The theme this year is Forests: Nature At Your Service.

主站蜘蛛池模板: 香港毛片免费观看 | 国产亚洲福利一区二区免费看 | 久久成人性色生活片 | a一级毛片录像带 录像片 | 欧美亚洲日本韩国一级毛片 | 美女视频免费永久观看的 | 久久99久久精品免费思思 | 中文国产成人精品少久久 | 欧美另类视频videosbest18 | ririai99在线视频观看 | 国产男人的天堂 | 免费人成在线观看 | 手机看片手机在线看片 | 98国内自拍在线视频 | 亚洲精品一区二区三区中文字幕 | 美国毛片免费一级 | 成人午夜网站 | 欧美一级级a在线观看 | 日本特黄特色大片免费看 | 日本苍井一级毛片 | 亚洲一区二区三区一品精 | 国产成人a在一区线观看高清 | 久久国产亚洲欧美日韩精品 | 亚洲国产综合久久精品 | 扒开双腿猛进入喷水免费视频 | 精品久| 99爱免费视频 | 成年女人免费看片 | 一级毛片韩国 | 亚洲国产欧美日韩第一香蕉 | 日韩一级欧美一级一级国产 | 欧美 亚洲 另类 自拍 在线 | 国产一级片免费观看 | 国产欧美日韩在线观看一区二区三区 | 亚洲最大的视频网站 | 一区二区三区欧美日韩国产 | 国产精品久久久久久 | 自拍 欧美 在线 综合 另类 | 成人精品国产亚洲欧洲 | 99九九国产精品免费视频 | 美女张腿男人桶免费视频 |