Real estate no longer leading growth driver

The growing overstock in China's property market certainly calls for immediate policy support to prevent the cooling real estate sector from becoming too heavy a drag on the Chinese economy.

However, Chinese policymakers should also make clear that real-estate investment will no longer continue to be a leading driver of economic growth.

Although China's ongoing urbanization provides ample room for steady growth of the once all-important property sector in coming years, it is both unnecessary and undesirable for the country to keep relying excessively on real-estate investment growth when Chinese consumers are showing more potential than ever to be a key growth engine.