China Forecasts 10% GDP Growth: 85% of Families Unable to Buy a House

According to the Chinese Academy of Social Science's annual blue book of forecasts, China's GDP growth in 2010 will surpass 9 percent, and may reach 10 percent. The blue book predicts that in 2011 China's economic growth will be steady and fast, at a rate of around 10 percent.

According to the blue book, China's national house price to income ratio is 8.76, which means the average family in China would be able to buy a house if they did not spend any money on food or drink for 8.76 years.　　

The blue book also points out that regulations to control housing prices should not be abandoned, or housing prices are likely to rise 20 to 25 percent. At present 85 percent of Chinese families cannot afford to buy a house.

Data shows that from January to August of this year, the average price of commercial residential buildings was 5520 yuan per square meter, compared to 4800 yuan per square meter in 2009, a rise of 15 percent. In 2009, the price per square meter rose by 25 percent compared to that of 2008.

According to economist Chen Jiagui, editor of the blue book, China now also faces great inflationary pressure; its CPI index increased 4.4 percent in October. It is predicted that the CPI index of 2011 will be 3.3 percent.

In the first half of 2010, the disposable income of urban residents per capita was 9757 yuan, an increase of 10.2 percent on the level of last year.

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今年GDP增长率将超九 明年有望冲十
目前中国八成家庭没有能力购房

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