Policy controls cool Beijing's auto, property markets

Data from the Beijing Statistics Bureau shows that Beijing's auto and property market will cool under the influence of policy controls.
From January to February 2011, the sales of Beijing commercial housing reached more than 1.3 million square meters, a decline of more than 21 percent. Auto sales also declined and in addition, the retail sales of daily commodities only increased by less than 3 percent under the influence of the auto sales decline.
On the whole, Beijing's economy continued steady growth since the third quarter of 2010 in the first two months of 2011 regardless of the complex domestic and international environment, and achieved a smooth start.
In regard to the consumer market, sales of commodities except in the auto market are still active.
"The structural adjustment and the transformation in mode is also gradually improving and the housing and auto market will cool under the influence of policy controls," according to the Beijing Statistics Bureau.
By Li Jia, People's Daily Online
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