Price level stability No 1 goal

Chinese Premier Wen Jiabao urged the continuation of efforts to maintain the stability of prices and prevent excessive hikes and drastic economic fluctuations while he was on an inspection tour in East China’s Zhejiang province on Friday and Saturday.

“Keeping overall price levels stable has been the top priority of the current macro regulations,” said Wen.

With more Chinese cities taking a hard line in controlling rising house prices by rolling out a series of policies, demand has been dampened recently along with the cost of housing.

According to figures released by SouFun, the operator of China’s biggest property website, nearly 80 percent of the 33 cities that issued policies to restrict property price rises have seen a dramatic decline in the number of residential properties sold.

Read more at Price level stability No 1 goal

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