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Problems in calculating property prices
Source: Xinhua |
March 6, 2010, Saturday
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Print Edition
Print Edition
CHINA'S statistics chief yesterday admitted the method and system of calculating property prices had problems, and he promised new measures to correct them.
The pledge came from Ma Jiantang, director of the National Bureau of Statistics, in a seminar attended by government officials, property experts and real estate developers.
The NBS 2009 National Economic and Social Development Statistics Bulletin, issued on February 25, said housing prices in China's 70 major cities rose 1.5 percent in 2009 from 2008.
Since the release, the figure, less than a quarter of the average rise in the previous four years, and the lowest level for nine years, has been widely questioned by the media and public.
"Problems do exist in the calculation method of housing prices," Ma said, but denied allegations the data were cooked up to please the government and real estate developers.
"We will seriously reflect upon the public criticisms and take effective measures to improve our work," he said, but "there was no selfish motivation in the calculation."
The 1.5 percent figure might not fully reflect price fluctuations from month to month because it was the average level over 12 months, he said.
Due to staff shortages, housing price data stemmed from reports by real estate firms, said Ma.
The pledge came from Ma Jiantang, director of the National Bureau of Statistics, in a seminar attended by government officials, property experts and real estate developers.
The NBS 2009 National Economic and Social Development Statistics Bulletin, issued on February 25, said housing prices in China's 70 major cities rose 1.5 percent in 2009 from 2008.
Since the release, the figure, less than a quarter of the average rise in the previous four years, and the lowest level for nine years, has been widely questioned by the media and public.
"Problems do exist in the calculation method of housing prices," Ma said, but denied allegations the data were cooked up to please the government and real estate developers.
"We will seriously reflect upon the public criticisms and take effective measures to improve our work," he said, but "there was no selfish motivation in the calculation."
The 1.5 percent figure might not fully reflect price fluctuations from month to month because it was the average level over 12 months, he said.
Due to staff shortages, housing price data stemmed from reports by real estate firms, said Ma.
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