
BEIJING, March 6 (UPI) -- Inflation of property prices leaped in Chinese cities in January, the government announced Thursday.
The average price for property jumped 11.3 percent over prices in January 2007, a government report said. In one city, Urumqi, the capital of the northwestern Xinjiang Uygur Autonomous region, property prices skyrocketed 25 percent.
The second highest increase was in the city of Nanning, where prices jumped 20.3 percent.
The government said efforts to slow the rate of inflation had begun to take effect. In 2007, China's central bank increased its commercial bank reserve ratio on 10 occasions. It has only had to do so once this year, the state-run Xinhua news agency reported.
Real estate prices in Beijing rose 17.2 percent in January. In Shanghai, they rose 10.1 percent.
The Chinese economy expanded 11.4 percent in 2007, the government reported, pushed by a 24.8 percent rise in fixed asset investments.
|
|
|
| Additional Business News Stories | |
BOGOTA, Feb. 14 (UPI) --
Colombia's energy industry is heading toward a price fall because of oversupply of electricity, which could bodes ill for the expanding power generation sector.
|
SINGAPORE, Feb. 14 (UPI) --
Sikorsky plans to expand business operations in Asia and is opening an office in Malaysia to kick off the effort.
|
Compared to whites, greater shares of both black and Hispanic young adults say owning their own home is among their top priorities. While 25 percent of blacks and 26 percent of Hispanics say owning a home is of the highest importance in their lives,...
|
President Barack Obama has revealed a budget that, once again, will give the Republican party a chance to show that vitriol is more fun than compromise.
|
| Stories | Photos | People | Comments |
View Caption