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From the SCMP:
The battles against property inflation were fought locally in China, but the chain of command wound all the way up to President Xi Jinping, according to an internal memo and local officials who got instructions from the top.
A government document circulating on Chinese chat rooms reveals that Xi and Premier Li Keqiang recently took tough stances on the property market frenzy in major cities.
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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
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