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The Chinese property market is undergoing a correction after two years of investment mania. During this time,the consumer price index,a barometer of inflation,soared 7.9 percent in the first half of this year and now hovers at a high level of over 7 percent.Ren Yuling,a renowned economist and an adviser to the State Council,argues that property is the root cause of this round of inflation. In an interview with Dongfang Daily in early July,he called for commercial and residential developers to immediately reduce high property prices.
The Chinese property market is undergoing a correction after two years of investment mania. During this time, the consumer price index, a barometer of inflation, soared 7.9 percent in the first half of this year and now hovers at a high level of over 7 percent .Ren Yuling, a renowned economist and an adviser to the State Council, argues that property is the root cause of this round of inflation. In an interview with Dongfang Daily in early July, he called for commercial and residential developers to immediately reduce high property prices.