Second, the real estate industry enjoys a relatively long industrial chain and promotes the economic development greatly. The economy in China is in a phase of transformation and transition. The commercialization of housing and the urbanization of rural areas are exactly the processes in which the development of the real estate industry and that of other industries are mutually re-enforced.
Monetary policy must obviously even in the short term be adapted to major changes in underlying conditions, and must take account of the recent dramatic movements in the foreign exchange and financial markets. The basic fundamentals in South Africa, however, remain sound and well-balanced.