China needs to convince people that home prices are on their way up in order for growth to pick up, said Richard Koo, chief economist at Nomura.
China needs to convince people that home prices are on their way up in order for growth to pick up, Richard Koo, chief economist at Nomura, told CNBC's Steve Sedgwick.
BEIJING — China needs to convince people that home prices are on their way up in order for economic activity to pick up, Richard Koo, chief economist at Nomura Research Institute, told CNBC's Steve Sedgwick last week. "That makes this narrative, that the prices have fallen enough, you should go out and borrow and buy houses, even more difficult to justify because China's economy officially grew by 5.2% in 2023, the first year since the end of Covid-19 controls. Beijing has set a target of around 5% growth for 2024.
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