China scraps national property price index

China’s National Bureau of Statistics is to stop publishing its index of property prices, the Wall Street Journal reported. The agency will instead release separate data for the 70 cities that comprised the index, and institute a new price-calculation method that does not include commercial property. The decision, part of a wider revision of property data by the agency, fueled further skepticism over the quality of economic data in China. The property index’s accuracy had been widely questioned in the past, with critics saying that it understated the severity of the property bubble in China. However, without an official nationwide data set, it will be difficult for executives and investors to assess trends in the country’s property market. In turn, this will also make assessments of global demand for steel, cement, and other inputs more problematic.