China to tackle property speculation

Beijing: Premier Wen Jiabao warned of “latent risk” in China’s banks and pledged to crack down on property speculation as the government faces the consequences of flooding the economy with money to drive growth.

“The domestic economy still faces some prominent problems,” Wen said in a speech in Beijing to the National People’s Congress. He also cited excess capacity in manufacturing and weak support for rural income growth.

Wen’s comments reinforce concern that loans made in last year’s record 9.59 trillion yuan (€1.03 trillion) credit boom may go bad.

more courts articles

Paltrow’s claim that fellow skier crashed into her not plausible, trial told

Gwyneth Paltrow ‘slammed’ into skier then ‘bolted’ without a word, US court told

Man faces prison for racist tweet about Irish international Michael Obafemi

More in this section

Late MD of one firm linked to Dolphin Trust collapse was shadow director of another, court told

Oliver Mangan: Recession fears abating following sharp drop in commodity prices

Consumers selling gift vouchers as cost-of-living crisis bites

CourtsPlace: BeijingPlace: ChinaPerson: PremierPerson: Wen JiabaoPerson: WenOrganisation: National People’s Congress



Silicon Valley Bank collapse: What you need to know

READ NOW