China Must Invest in Services as Property-led Growth Ends: Herald

China must find ways to attract investment into consumer services to sustain its growth, as the property-finance-local government investment triangular model has come to an end, the 21st Century Business Herald said in an editorial citing comments by Yang Weimin, a high-ranked advisor and the deputy director of the economy of the Chinese People's Political Consultative Committee. Weak Q3 growth was partly due to the falling investment in properties, Yang was cited as saying. Housing prices have entered a slow-growth era as population slows, while the high home prices in some cities are unaffordable to middle-income earners, Yang was cited as saying. China should focus more on employment even as large-scale investments may be the preferred policy choice for short-term effect, said the newspaper.