Beijing cautioned to be on guard against real estate bubbles
( 2002-03-15 09:46 ) (1 )

People's spokespersons and political advisers are meeting from March 3 to today in Beijing to discuss national affairs.

Staff reporter Meng Yan interviewed National People's Congress (NPC) deputy Luo Yifeng, who is deputy director of the Institute of Economic and Technological Information under the Beijing Chemical Industrial Group. Luo is a returned overseas Chinese who came back from Indonesia in 1957.

Q: What issues are of the utmost concern to you in this session?

A: The real estate industry will face great business opportunities and huge challenges in Beijing after the city won the right to host the 2008 Olympic Games. Beijing should caution against bubbles in real estate.

Q: Why do you think so?

A: The price of land in the city has been escalating and there is now a deluge of luxurious apartments and commercial buildings. Vicious competition is ahead.

Q: How could Beijing prevent the possible bubble?

A: Beijing should learn a good lesson from Beihai (of South China's Guangxi Zhuang Autonomous Region) where some half-built buildings are still waiting for more funds before they can be completed even today. Beijing should make a careful plan of infrastructure construction and better regulate the real estate market.

Q: What's the impact of your being a returned overseas Chinese when you perform your duties as an NPC deputy?

A: I have got particular advantage in my experience. I receive many foreign guests every year and know more about the situations in their countries. This has helped me raise more valuable proposals after learning the experiences of foreign countries.

Q: What's your personal standard for being a qualified NPC deputy?

A: He or she should be loyal to the Constitution and laws, serve the people heart and soul, have a good capacity of participating in the nation's political and social affairs and be energetic enough.

Q: Why should a deputy be energetic?

A: He or she has to do a lot of research to raise good proposals. I personally visit some 500 people to hear their opinions every year.

Q: Do you think of yourself as a qualified NPC deputy?

A: Personally I think I am qualified. I have tried my best to hear voices from the grassroots, tried to help solve their specific problems as well as make useful proposals to our government.

Q: Do you have any regrets during this NPC session?

A: I wish we had had more time to deliberate on the motions that deputies have raised in detail and make more improvements on them.