China not to loosen regulations on housing market

Chinese Premier Wen Jiabao said on Wednesday that the country will not slacken it efforts in regulating the housing prices, which he considered still "far from a reasonable level."

"If we develop the housing market blindly, a bubble will emerge in the housing sector. When the bubble bursts, not only the housing market will be adversely affected, it will weigh on the entire Chinese economy," said Wen at a press conference after the conclusion of China's annual parliamentary session.