China Must Curb Speculation Amid Bubble, Top Official Says
- ‘We need to defuse a flurry of risks,’ Yang Weimin tells forum
- Annual Central Economic Work Conference concluded on Friday
Residential buildings stand in Beijing, China.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
China must do more to deflate a property bubble that expanded this year by "strictly" controlling speculation while also stepping up the fight to rein in excessive corporate borrowing, a top economic official said a day after leaders announced plans for next year.
"We need to give a higher priority to preventing and controlling financial risks," Yang Weimin, deputy director of the Office of the Central Leading Group on Finance and Economic Affairs, said Saturday at a forum in Beijing. "We need to defuse a flurry of risks, contain asset bubbles, and improve oversight to ensure there won’t be a systemic financial risk."