China’s new-home prices fell in half the cities tracked by the government for the first time in two years as a slowing economy and excess supply deterred buyers.
China should refrain from rolling out more stimulus to boost economic growth and continue to implement changes to curb dangers from shadow banking and local government debt, the International Monetary Fund said.
China’s stocks rose the most in a week, led by financial and technology companies, as benchmark money-market rates plunged and speculation grew the government will take steps to support the economy.
Chinese Premier Li Keqiang said that the nation will avoid a hard landing, while limiting the scale of any stimulus to support economic growth.
Growth in Chinese industrial companies’ profits slowed in June as the economy cooled, costs rose and prices fell on moderating demand and overcapacity.