BEIJING Oct 8 China's central bank governor
stepped up the rhetoric against rapid rises in home prices and
continued credit growth, signaling further action on top of
recent fresh curbs across a number of cities to cool their
overheated real estate markets.
Zhou Xiaochuan, governor of the People's Bank of China
(PBoC), said the Chinese government is "paying close attention"
to rising property prices in some cities and will take
appropriate measures to promote the real estate market's
The remarks were made at a G20 meeting in Washington earlier
this week and released by the PBOC on its website on Saturday.
A number of Chinese cities, including Beijing, Guangzhou,
Shenzhen, Suzhou, Chengdu and Wuhan, announced new restrictions
on property purchases and mortgage downpayment during China's
week-long National Day holiday in the beginning of October. The
moves came as part of an effort to ward off property
Zhou's latest remarks signalled that Beijing will continue
to target speculators and curb credit risks in the property
sector to prevent bubbles.
While a property boom has helped to support China's economic
growth, fuelling demand for everything from construction
materials to furniture, it is seen as adding credit risks to the
banking system and China's debt problem.
Zhou told the G20 meeting China will control credit growth
as the global economy recovers.
The International Monetary Fund said in August that China
needed to slow its credit growth and stop funding weak firms,
highlighting the worries among policymakers about the dangers of
an unsustainable debt build-up triggering a banking crisis.
(Reporting By Shu Zhang and Norihiko Shirouzu; Editing by Shri