Date
12 December 2017
PBoC governor Zhou Xiaochuan sees China's economy growing 7.5 percent this year. Photo: Xinhua
PBoC governor Zhou Xiaochuan sees China's economy growing 7.5 percent this year. Photo: Xinhua

PBoC chief rules out one-size-fits-all solution to housing woes

People’s Bank of China (PBoC) governor Zhou Xiaochuan said Thursday that a single national policy is not the solution to China’s stubborn property market.

Only a small number of mainland cities have a housing bubble, caijing.com.cn reported Friday, citing Zhou during a visit to Rwanda. 

China is undergoing urbanization which means fluctuations in supply and demand in the property market are inevitable, he was quoted as saying.

He said the outlook for the housing market remains bright.

Meanwhile, 12 of 18 economists in a Bloomberg survey agree there is an over-supply of flats in the mainland.

Since the beginning of the year, housing starts have fallen 22 percent from a year earlier and sales have tumbled 7.8 percent year on year.

Zhou is confident China will achieve 7.5 percent gross domestic product growth this year, saying there is no sign of a large-scale slowdown in the economy.

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