Yi Xianrong, a Research Fellow at the Institute of Finance and Banking under China’s Academy of Social Sciences (CASS), stated that once the control of real estate is relaxed, the Chinese economy will be dead. Yi made the remarks in response to reports that the central government may relax its control of the real state sector. “China’s housing market has been very high even under the tight controls. If the controls are relaxed, there is no doubt that the economy will be dead. Once the bubble bursts, the Chinese economy will not be salvageable whatsoever.”
Source: Sina.com, May 24, 2013
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