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China s economy;Not with a bang 中国经济;不咋地; China s property prices and its local-governmentdebt have started rising again. That may be a goodthing 中国的房地产价格和地方政府债务又开始上升了，这或许是件好事 FangZhuang, a high-rise neighbourhood tuckedinside Beijing s third ring road, was one of China sfirst commercial housing projects. Its fourdivisions share a park, schools, a courthouse and aCarrefour supermarket. Characters in the divisions four names combine to mean stars ofthe ancient world. Back in 1990 Fangzhuang flats sold for about 1,500 yuan per square metre, according to Credit Suisse, a bank. Since then, prices havereached for the stars of the modern world, exceeding 30,000 yuan in that part of Beijing. 挤在北京三环内的高层住宅区方庄，曾是中国第一个商业住宅项目。它的四个小区共用一个公园、学校、一个法院和一个家乐福超市。将这四个小区名字中间的汉字连起来就是古城群星。根据瑞士信贷一家银行，早在1990年，方庄公寓大概卖1500元一平米。从那以后，价格就成了当世巨星，北京那一块的价格超过了3万元。 China s unruly property market was once dubbed, with excusable hyperbole, the mostimportant sector in the entire global economy by Jonathan Anderson, then at UBS, anotherSwiss bank. It remains the biggest fear hanging over the world s second-biggest economy.Home prices began falling about a year ago. The declines have depressed investment andcurtailed economic growth, which slowed to 7.6% in the second quarter, its slowest rate since2009. | 
