Economists: housing prices in China will continue to rise

11:12, December 28, 2009      

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Hexun.com and Chinese Academy of Sciences (CASS) on December 27 jointly released a report based on a survey which involved 100 renowned Chinese economists. 80 percent of the economists believed that China's GDP growth will exceed 8 percent in 2010, and 60 percent of them said that housing prices will rise.

Economists generally felt optimistic about the economic situation in the coming year. 78 percent of the economists surveyed, including Ba Shusong, deputy director general of the Financial Research Institute of Development Research Center of the State Council and Chen Yu-lu, vice president of Renmin University of China, predicted that GDP growth next year will be between 8 percent and 10 percent. 8 percent of the experts even expected an over 10 percent of GDP growth.

Although the State Council has unveiled four measures to "contain" the rocketing housing prices, nearly sixty percent of economists still thought that house prices would increase in 2010.

49 percent of economists believe that China's house prices will continue to rise slightly in 2010. However, 9 percent of economists, including Chen Zhiwu, the tenured professor of financial economics at Yale University and Zhou Tianyong, deputy director of research department of the Central Party School of CPC, believed that house price hike will accelerate, while 22 percent of them said that house prices will drop slightly in 2010.

In addition, although vegetable and edible oil prices continued to rise and led to the public's concern about inflation, economists pointed out that commodity prices are unlikely to soar next year. 69 percent of economists believed that CPI will rise within 4 percent next year.

By People's Daily Online
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