New pockets of economic weakness in China emerged Tuesday, as the collapse of a highly indebted real estate developer and weak home sales pointed to a continued slowdown in the sprawling property sector.
The latest batch of difficulties add to the continuing debate over China’s committment to economic reforms. While Beijing is pushing through a host of restructuring efforts, the worry is that the country’s slowing economy will prompt China to pull back. The nation’s growth has decelerated to its slowest pace in more than a decade.
The vast real estate market, which has accounted for a significant portion of the gross domestic product, is an essential piece of the economic puzzle. And a drumbeat of data in recent weeks has prompted concerns about the health of China’s housing market. In the latest example, growth in new-home sales in several of China’s biggest cities slowed last month from January, data released on Tuesday by the National Bureau of Statistics showed.
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Neil Gough, New York Times via CHINA US Focus http://ift.tt/1hwDUMp
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