Wen Jiabao News
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Updated 23 minutes ago
Chinese property prices rose at the fastest pace in more than two years in major cities, defying tougher government curbs and constraining the ability of policy makers to ease credit in response to weakening economic growth.
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Beijing is tightening rules for real estate projects as local officials seek new measures to contain a rebound in home prices.
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Beijing, which already has China’s strictest real estate curbs, is being forced to take additional steps to contain surging home prices as demands for record-high down payments fail to deter buyers.
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Chinese Premier Li Keqiang told German business leaders his country is confronted by “huge challenges” as it seeks 7 percent annual growth this decade, down from more than 10 percent in the previous 10 years.
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China is building an entire city in the forests near the Belarusian capital Minsk to create a manufacturing springboard between the European Union and Russia.
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Some Chinese investment projects, including those for airports, paper pulp factories and gas fields, will no longer need pre-approval from the nation’s economic planning agency.
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China was granted observer status by the Arctic Council, giving the world’s second-largest economy more influence amid an intensifying search for resources in the globe’s most northern region.
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Chinese Premier Li Keqiang signaled policy makers are reluctant to use stimulus to counter a slowdown in the world’s second-largest economy because the risks outweigh the benefits.
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If global economists are distraught over the gloomy numbers coming out of China, imagine how Xi Jinping must feel.
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China’s property sales and prices growth will slow, while the market’s outlook is stable after the government issued property curbs, said Moody’s Investors Service.
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