Economic Recession Far From Over, China's Premier Warns

Chinese Premier Wen Jiabao warns that the financial crisis is far from over, stressing the country still has a lot of work to do to sustain economic growth.

 

According to The Standard, Wen cautions about asset price bubbles - especially in the property sector - saying the problem will be one of the central government's main tasks next year. To cool down the overheated property market, taxes and differentiated interest rates will be imposed to prevent speculation.

 

Quoting Wen, the newspaper reveals that the government will clamp down on developers who hoard land in the hope of bigger profits, adding it will expand the development of low-cost housing with preferential policies.
 

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