The problems in China's housing market are more severe than those in the US before the financial crisis because they combine a potential bubble with the risk of social discontent, according to an adviser to the Chinese central bank.
Li Daokui, a professor at Tsinghua University and a member of the Chinese central bank's monetary policy committee, said recent government measures to cool the property market needed to be part of a long-term push to bring high housing prices under control.
He added that there were still signs that the economy was overheating and recommended modest increases in interest rates and the level of the currency.
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