Heard on the Street: “Houses are for living in, not for speculating on” had been an inescapable Chinese government dictum—until the latest National People’s Congress
Chinese Kremlinology has always been a difficult art. Market watchers betting on policy changes are often reduced to taking cues from what top leaders don’t say, as much as from what they do.
For example: Are Chinese homes for living in, or for stir-frying? For the past two years, Chinese policy makers have repeated ad nauseam President Xi Jinping’s dictum “Houses are for living in, not for speculating on”—using the homey term “stir-frying” as a synonym for speculation.
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