0927 GMT - Stabilizing housing prices remains China's top priority moving forward, ING Chief China Economist Lynn Song says in a research note. While prices have started to stabilize in tier-one and top tier-two cities, December data shows this trend is gradually widening, Song says. As property remains the single most important asset type for many Chinese households, the price declines have had a negative wealth effect and remains a significant drag on household confidence, Song says. "While stabilizing the property market alone is not a panacea for the economy, it is a vital step in the process to restore confidence," he says. Despite several months of improving data, policy support needs to continue to ensure the job is done, he adds. (sherry.qin@wsj.com)
(END) Dow Jones Newswires
January 17, 2025 04:27 ET (09:27 GMT)
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