Economists urge China to ramp up housing rescue to propel growth

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Economists urge China to ramp up housing rescue to propel growth - Business Mirror

Quick Summary:

China’s housing rescue package offers the best path for putting the country on track to expand around 5 percent, in the view of most economists, assuming it’s deployed to maximum effect in the face of a real estate crisis expected to last as long as five more years.

Without a stimulus blitz, the Chinese economy is expected to expand 4.8% this year in real terms, according to the median forecast of economists in the survey, falling roughly at the lower end of the government’s target range.

And given the unattractive economics of the plan for local authorities, only 29 cities are heeding the call to help absorb an excess of housing, a fraction of more than 200 urged to participate by the central government.