Property taxes were also introduced in Shanghai and Chongqing.The volume of trading is likely to decline by 30 percent in Beijing this year, said Zhang Dawei, a senior analyst from the Beijing-based Centaline Property Agency Ltd.Pan Shiyi, chairman of developer SOHO China, said the government's policies to restrict home purchases are more likely to influence housing prices than monetary policy.Wang, the analyst from Fitch Ratings, said that sales will decline year-on-year in the first quarter as buyers remain cautious, but prices will remain high because currently "most big Chinese property developers, especially those listed overseas, have sufficient funds" and consequently will not be under financial pressure to sell quickly.Medium-sized and large developers issued offshore debts in 2010, which reduced the impact from tightened bank-lending policies, said Wang. The 1,429-km highway, linking Xinjiang's Yecheng county and Tibet's Burang county along the border with India and Nepal, is an important lifeline running at an average altitude of 4,500 meters.Snowstorms have swept Tibet's Ngari region since Feb 13, and as a result some sections of the highway were covered with snow as deep as one meter.Around 200 traffic policemen were sent to clear the snow in a section extending nearly 600 km. A total of 104 people who had been stranded on the road were rescued, said a police spokesman.
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"One method doesn't exclude the other," said Zhou, who was attending a gathering of G20 finance ministers and central bankers, following the announcement.Lu Zhengwei, chief economist at the Industrial Bank, said the move is within expectations because of the robust growth of new yuan lending in January, which was 1.04 trillion yuan compared with 480.7 billion yuan in December."The strong momentum of credit expansion demonstrated that economic growth remains solid. Considering rising inflation, the government has to continue the tightening to confine liquidity to a reasonable level," he said.China's consumer inflation picked up to 4.9 percent in January from 4.6 percent in December. It hit 5.1 percent in November, a 28-month high. The recent drought in some major grain-producing areas, together with international grain price hikes, has led to increasing worries about rising inflation."The latest move made it clear that the central bank won't hesitate to combat inflation. As the Spring Festival holiday fades out, the market can afford to have less liquidity," said Li Mingliang, analyst at Haitong Securities.Asset bubbles are also a major concern for policymakers. New home prices rose in January from a year earlier in 68 out of the 70 cities monitored.To soak up excessive liquidity to help curb increasing inflation and asset bubbles, the central bank raised interest rates in February for the third time since mid-October.Guo Tianyong, an economist at the Central University of Finance and Economics, said the reserve requirement hike is also connected with rising liquidity caused by the trade surplus.China's trade surplus fell by 53.5 percent to $6.46 billion in January, according to the General Administration of Customs. Exports rose 37.7 percent to $150.73 billion from a year earlier while imports climbed 51 percent to $144.27 billion.The Industrial Bank's Lu predicted another reserve requirement hike in March, with the figure for required reserves for big lenders reaching close to 23 percent sometime during this year.Further policy tightening is on the cards, a senior economist said."As inflation has yet to reach its peak, policy tightening will likely remain aggressive for a while," said Chief Economist of Deutsche Bank Greater China Ma Jun, in a research note.He predicted consumer inflation could hover at around 5 percent between February and May, and then surge in June to 5.8 percent before falling gradually toward 4 percent at the end of the year.In global markets, prices of copper, crude and the currencies of commodity exporters such as Australia, which are sensitive to Chinese demand, all weakened. European stocks and US index futures fell.
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