Market updates on August 23
Will the Fed Chair changes his views during the speech today?
Shanghai will restrict its population to 25 million
China's financial hub of Shanghai is on the verge of restricting its population to about 25 million by 2035 as part of an attempt to handle a so-called "big city disease", as the cabinet has told.
On Monday, the State Council informed on its website that the objective to control the size of the city happened to be part of Shanghai's ambitious masterplan for 2017-2035, already approaved by the government body.
The State Council told that by 2035 Shanghai’s population is going to be strictly controlled at approximately 25 million and the overall amount of land made available for construction won’t surpass 3,200 square kilometers.
State media has labeled "big city disease" as a serious threat when a megacity turns plagued with, traffic congestion, environmental pollution as well as a shortage of public services, such as medical care and education.
A great number of China's biggest cities come across soaring house prices, thus driving fears of another property bubble.
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