Interpreting the Recent Central Financial and Economic Affairs Commission Meeting
Pekingology
The Chinese Property Market Takes a Big Step Back
In the most recent data, we started to see a step back. We saw sales contract in April in most cities. The animal spirits, the people's feelings towards the property market are still very fragile. If you ask anybody on the Politburo Standing Committee at five years' time, should property be 40% of GDP, they'd all say no.
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