Don't overstate verve of real estate

Though an economist with an official background recently said real estate was a pillar industry of China's economy, its importance should not be overemphasized, says an article in Guangzhou Daily. Excerpts:

In a recent interview, an economist with an official background, though expressing his personal opinion, said the real estate was a pillar industry of China's economy despite having generated bubbles.

His remark is not so proper, especially at a time when buyers and sellers are struggling to cope with rising housing prices. The task now is to reduce housing prices, and overemphasizing the importance of the realty market will do just the opposite.