China’s policy fine-tuning and ongoing urbanization can help it avoid a Japan-style property bubble, Reuters quoted a senior Chinese official as saying. Beijing has allowed local governments to take differentiated property tightening measures, rather than a one-size-fits-all bid to cool the market, Vice Housing Minister Qiu Baoxing said in remarks published in the Southern Metropolis Daily, according to the report. Qiu noted that Japan’s property bubble burst in the 1980s, when the country’s urbanization was near an end and it could not generate fresh drivers to keep the market afloat. “China is some time away from reaching that point. If we understand the issue and adopt fine-tuning policies, things could be turned around,” Qiu was quoted as saying.
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