NBS chief: property prices calculation method needs improvement

14:54, May 07, 2010      

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The current statistical method of calculating property prices does have certain faults, namely that the diversity and volatility of property prices have been neglected, said Ma Jiantang, director of the National Bureau of Statistics (NBS), on May 6. This problem will be fixed shortly, he added.

The NBS claimed in its report that China's housing prices in 70 major cities only rose by less than 2 percent in 2009 compared to 2008, which has been widely questioned by the media and the public.

Ma said the NBS will first improve data-collection methods. Currently, the data mainly comes from real estate companies, and the NBS will attach equal importance to data from companies, field surveys and administrative records in future. Second, the NBS will generate a better method of calculating property prices.

Currently, the NBS only calculates the average housing prices for 12 months. Although it is easier to identify the average annual price change and average annual increase in home value this way, this method fails to show the changes in housing prices of different months and the average annual prices tend to be inconsistent with the actual experiences of the public.

Ma suggested that the NBS should adopt a system of fixed-base index in calculating property prices in order to show cumulative price changes more clearly and credibly.

By People's Daily Online


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