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POLITICAL ECONOMY
China urban property prices strong in October

Unemployment to dog US economy for years: Fed official
Washington (AFP) Nov 10, 2009 - US unemployment, now in the double digits, may remain "high" for several years and dampen economy recovery from a brutal recession, a regional central bank official warned Tuesday. The United States had experienced so-called jobless recoveries following the previous two recessions in 1991 and 2001, when job creation remained weak for several years following the business cycle trough. "In both cases, output growth was less robust than in the typical recovery and, unfortunately, things seem to be shaping up similarly this time around," said Janet Yellen, president of the Federal Reserve Bank of San Francisco. Unemployment jumped to double digits in October for the first time since 1983, reaching 10.2 percent, although job losses narrowed to 190,000, the government said last week. President Barack Obama called the numbers "sobering" and said his administration was considering "further steps" to spark job growth.

Yellen said overall economic recovery was likely to be gradual and "remain vulnerable to shocks" as weakness of the commercial property market combined with the muted outlook for housing and consumer spending. "With such a slow rebound, unemployment could well stay high for several years to come. In other words, our recovery is likely to feel like something well short of good times," Yellen said. The world's largest economy grew at a seasonally adjusted 3.5-percent annual rate in the July-September period. The increase was the first since the second quarter of 2008. The United States plunged into recession in December 2007 following a home mortgage meltdown that sent a financial tsunami around the globe.
by Staff Writers
 Beijing (AFP) Nov 10, 2009
 Property prices in major Chinese cities picked up in October, government data showed Tuesday, as people scrambled to buy amid fears that tax breaks and other favourable policies may soon be withdrawn.

Prices of real estate in 70 medium and large cities in China rose 3.9 percent last month from a year earlier and 0.7 percent from September, the National Bureau of Statistics said in a statement on its website.

The index accelerated from a 2.8-percent on-year growth in September.

October marked the fifth successive year-on-year increase after the index slumped in the six months from December due to government attempts to rein in runaway prices and as the global economic crisis kicked in.

Beijing has introduced a series of measures in the past year, including tax breaks, to support the real estate sector, which accounts for more than 20 percent of urban fixed investments, a key driver of China's economic recovery.

But rumours have been circulating that the government might withdraw these policies at the end of the year due to concerns about asset bubbles and as the recovery of the world's third largest economy appears to be strengthening.

Data showed property sales across the country surged sharply after the October 1 national holiday, with Beijing leading the way with a 36.9-percent rise last month from September, according to Tuesday's China Business News.

The Chinese economy grew by 8.9 percent in the third quarter -- the fastest pace in a year -- after expanding by 7.9 percent in the second quarter and 6.1 percent in the first three months, the slowest pace in more than a decade.

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POLITICAL ECONOMY
China hopes US keeps deficit to 'appropriate size': Wen
 Sharm El-Sheik, Egypt (AFP) Nov 8, 2009
 Chinese premier Wen Jiabao said on Sunday he was encouraged by signs of an economic recovery in the United States, but hoped it would keep its budget deficit to an "appropriate size" to stabilise the US dollar exchange rate. "We follow very closely China's holdings of US assets, because that is a very important part of our national wealth," Wen told a media conference at the Egyptian resort ... read more






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