[photopress:china.jpg,full,alignright]China’s State Council, or cabinet, is to send high-level officials to 11 provinces, municipalities and autonomous regions to check on how the central government’s macro-control policies aimed at cooling down property markets are being enforced.
Teams of officials from the ministries of Construction, Land and Resources, the National Development and Reform Commission and other central authorities will be sent to Beijing, Tianjin, Liaoning, Inner Mongolia, Jiangsu, Jiangxi, Shandong, Hubei, Guangdong, Sichuan and Shaanxi.
The government began issuing policies in 2003 to stabilize the runaway property market. Housing prices in many cities, however, have continued to soar. Some have reported annual rises of 20 percent.
In the face of rising public concern, the government earlier this year brought in tougher policies, ordering local governments to increase the supply of cheaper and government-subsidized homes, and imposing controls on property ownership by foreigners.
Figures from the National Bureau of Statistics show the growth of China’s urban fixed-asset investment declined in both July and August. The growth in the supply of broad money also dropped in August.
The situation in the housing sector has also improved slightly. NBS figures show that housing prices in 70 major cities rose by 5.5 percent in August, down 0.2 percent from July.