`China's economic growth slowly stabilizing'

Beijing, Aug 29 (IANS) Price rises have continued to be slow in China since the beginning of the year as a result of improving supply-demand relations and dropping prices for some bulk commodities in the international market, a senior official said Wednesday.

Zhang Ping, minister in charge of the National Development and Reform Commission, said the government's policies and measures have been effective and the country's economic growth is stabilizing at a slow pace, reported Xinhua.

Zhang was briefing national lawmakers at a bimonthly session of the National People's Congress.

According to Zhang, speculative and investment demand have been effectively suppressed due to government control policies for the real estate market. In July, prices for newly-built commercial residential buildings showed a year-on-year decrease in 58 out of 70 major Chinese cities.

China's top legislature began its bimonthly session Monday.