Chinese premier to check property prices, keep Yuan stable

Wen also said out that he would keep the Yuan stable for the growth of the economy.

“Keeping the Yuan’s value basically steady is our contribution to the international community at a time when the world's major currencies have been devalued,” he said.

Wen assures to track down illegal activities
The Chinese prime minister said his government was deeply concerned about price rise in property and expected the problem to be solved soon. He assured that he would boost the supply of cheap public housing very soon.

“We will crack down on illegal activities, including hoarding of land, driving up housing prices and delaying sales for bigger profits,” said Wen.

“I have noticed complaints on the Internet, sometimes even harsh criticisms, about housing prices,” he further said.

Wen also aimed at expanding construction of houses and speeding up renovation of ‘shanty towns’. He said he would support residential consumption and make China a safe and suitable nation to live in.

“China's situation has decided that our homes should be safely built, economical, suitable for living and land-efficient,” he added.

China’s phenomenal growth rate
China, a country of phenomenal growth, expects to reach growth figures of 12 percent next year.

According to International Monetary Fund projections, China will be overtaking Japan to become the world’s second-biggest economy next year.

This year, the Chinese economy grew at a rate of 8.9 percent in the third quarter, 7.9 percent in the second and 6.1 percent in the first.

China is also one of the world’s first economies to recover the fastest from the global recession.

True purpose is development of China
The Chinese government has consistently backed up its country by giving stimulus packages in recessionary times.

China’s central bank plans to keep a “moderately loose” stand for 2010 by restricting credit for industries. Also, the commercial banks are lending an extraordinary 9.5 trillion Yuan ($1.4 trillion) this year, and are expected to add loans of 7.5 trillion Yuan next year.

“Our economy has seen some recovery but economic development is still backed by government policy support...if we quit now, that may hurt previous efforts and reverse economic conditions,” said Wen.

Wen also guaranteed that the Chinese government was committed to taking appropriate measures if an inflationary condition sets in the economy.

“The true purpose is to contain China's development,” he said.