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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World ADB: China should tighten policy to avoid bubble By ALEX KENNEDY,Associated Press Writer - Tuesday, April 20 Send IM Story Print SINGAPORE – China should tighten its fiscal, monetary and foreign exchange policies or risk a housing price bubble and a jump in the inflation rate, a top Asian Development Bank official said Monday. Rajat Nag, the ADB's managing director general, said China should coordinate with other Asian nations to reduce spending, raise interest rates and revalue currencies in the face of stronger economic growth this year. "We think the governments in Asia really need to look at withdrawing the stimulus," Nag said in an interview. "It's going to happen sooner rather than later." "If we do that, inflation should have a moderate increase, not a serious one." China has rebounded quickly from last year's global recession, boosted by a 4 trillion yuan ($586 billion) stimulus spending program and record bank lending to finance construction and other projects. The ADB last week raised its 2010 economic growth forecast for developing Asian countries to 7.5 percent from a previous estimate of 6.8 percent as the region leads the world economic recovery. The bank expects 4 percent inflation this year in developing Asia _ which includes 44 countries and territories from the Pacific to Central Asia, excluding Japan _ and 3.9 percent next year. Nag said China should follow through with measures announced over the weekend to ease property market speculation, including restrictions on lending to buyers who already have two or more homes. "We're pleased to see authorities in China starting to take some fairly major steps to cool it (the property market)," Nag said. "We don't think it's a full-blown housing price bubble yet. It's been limited to the coastal areas." Prices of luxury residential housing in Shanghai and Beijing soared about 50 percent last year. Nag said a revaluation of the yuan would help reduce trade imbalances and develop China's domestic market. "The huge stimulus that China provided benefited Asia and the rest of the world," Nag said. "The key now is for China and other countries to temper that." "Exchange rate flexibility is a key part of that, and we certainly have been urging that." Recommend Send IM Story Print Related Articles EU lifts restrictions on US rice imports - official Reuters - 15 minutes ago Europe shares slip on Goldman, volcanic ash cloud Reuters - 19 minutes ago US-BUSINESS Summary Reuters - 19 minutes ago Halliburton profit beats; outlook improves Reuters - 19 minutes ago Russian rouble down on global risk aversion Reuters - 21 minutes ago News Search Top Stories Venezuelan boxer hangs himself after murder rap Airlines urge governments to reopen routes Toyota to pay fine but not off hook yet: US govt New fears beset markets over Greece's debt NASA delays shuttle Discovery's return to Earth More Top Stories » Related Full Coverage China Economychina economy All Full Coverage » ADVERTISEMENT Most Popular Most Viewed Most Recommended EU emergency talks as volcano cloud havoc worsens Toad is a telltale for impending quakes: scientists Goldman fraud charges trigger possible wider crackdown Volcano cloud pushes European airlines to the brink: analysts Ocean census uncovers 'new world' of marine microbe life More Most Viewed » Toad is a telltale for impending quakes: scientists Two-million-year-old hominid sheds light on evolution Taiwan's male 'Susan Boyle' a web sensation EU emergency talks as volcano cloud havoc worsens More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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