House prices, pain and gain

THE NATIONWIDE FALL IN THE PRICE OF NEW houses that began recently does not mark the end of China's efforts to stave off a real estate bubble. Rather, it is only the beginning of the end.

To effectively prevent a property bubble from crippling the growth of the world's second largest economy, Chinese policymakers must brace for the loud complaints and pressures that falling house prices will inevitably invite.

It is reassuring to know that Premier Wen Jiabao on Sunday pledged the government will not be swayed from the tightening measures introduced to cool the property market.