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China's CPI rises 3.3% in July

08-12-2010 09:13 BJT Special Report:China’s Economic Data for July |

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The National Bureau of Statistics has announced that China's Consumer Price Index rose 3.3 percent in July, reaching its highest mark in 20 months.

The 3.3 percent increase in China's Consumer Price Index is 4/10 of a percentage point higher than June's figure. Bad weather, leading to higher food prices, has been the major force behind the hike.

Sheng Laiyun, Spokesman of National Bureau of Statistics, said, "We estimate that prices will stay stable this year. The elements bringing down prices will play a bigger role than those pushing up prices. I'm confident that we can reach the goal of macro-economic control."

Investment in the real estate market rose by 37.2 percent. New land developments reached 920 square kilometers. That's a 67.7 percent increase from a year earlier.

Housing vacancies are an issue often brought up in property price discussions.

The spokesman for the National Bureau of Statistics says it's difficult to give specific numbers on the housing vacancy rate.

Sheng said, "When we say a house is vacant, we usually mean nobody has ever lived there or the owner has been away for more than half a year. Then what do we do if someone has left for a long vacation? So it's difficult to tell whether a house is truly vacant."

Sheng Laiyun says housing vacancies are a relatively new issue in China, which hasn't been included in the investigation system. He says a general housing census is a better option to get an accurate accounting of vacancy rates.

Editor:Zhang Jingya |Source:

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