Signs of Improvement in Central Gyeonggi... March Real Estate Sales Revenue Up 18%
Real estate sales revenue in China has increased for three consecutive months, and the service sector, including food and accommodation, has also shown signs of improvement. This is being analyzed as a visible effect of the 'reopening' of economic activities.
According to major foreign media on the 8th, the State Taxation Administration of China announced that real estate sales revenue last month increased by 17.9% compared to the same period a year ago.
The growth rate, which was 2.3% in January and February this year, expanded to nearly 20% in March. This is interpreted as a sign that the real estate market, which had been stagnant due to falling housing prices, is recovering.
Earlier, Chinese authorities introduced various economic stimulus measures, including deregulation, from last year to revitalize the real estate market. The new housing price index for 70 major cities in China turned upward in February after 18 months, and the effect of stimulating the real estate market has gradually begun to appear this year.
Since China lifted COVID-19 lockdown measures from the end of last year, the service industry has also shown signs of improvement. In the first quarter of this year, revenue from food and accommodation increased by 22.8% compared to the same period last year. Revenue from culture and entertainment and other services increased by 13.7% and 9.4%, respectively.
In the first quarter of this year, China's retail sales of goods also increased by 11.6% compared to the same period last year. Corporate goods purchases in March also rose by 14.1% compared to a year earlier.
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Wang Jun, director of the State Taxation Administration, emphasized, "The overall economic operation is showing good momentum and is improving steadily," adding, "The 5% economic growth target for this year can be fully achieved." However, he added, "There are still many uncertainties both domestically and internationally, and many issues related to economic development remain."
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