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Moderate growth rate (2)

By Tang Min  (China Daily)

13:43, August 23, 2012

Yet, we shouldn't forget that, if we really want to regulate the housing industry, we'll simply have to swallow the resulting economic slowdown. As everyone knows, you can't have your cake and eat it too. It's unreasonable to think one can see a simultaneous decrease in house prices and acceleration in economic growth.

We should also keep an eye on inflation, of which between 70 and 80 percent in China stems from increases in food prices. Recently, the US has been suffering from its worst drought in 25 years and the UK from its worst in 30 years. France has decided to restrict the use of water on almost a third of its land and Germany, which is the source of the second largest amount of wheat among all European countries, has been forced to lower its wheat production by 10 percent. A recent article in the newspaper Financial Times said the world economy is at risk from inflating food prices.

Some contend we should combat unemployment by maintaining a high rate of economic growth. Yet, labor remains in short supply in the country.

In these circumstances, excessive economic growth will only lead to wage increases and greater shortages in the labor supply. That, in turn, will drive the price of Chinese agricultural products upward.

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