The central bank will step up scrutiny of bank lending to restrain "excessive investment and loans growth" blamed on "a flood of new construction projects," said news reports, which gave no details of the new controls.
The State Council concluded that while rapid economic growth had yielded benefits for many Chinese, there were "some serious problems during economic performance," including "overgrowth of investment, too many new construction projects, blind or overlapped construction efforts," the news agency said.
There was also more bad news about construction; the Commerce Department reported that building activity declined in June.
— Jenna Wortham Flying Robots Build a Tower Near Paris NPR | More bad news for construction workers.
Estonia's growth rate and property prices have dropped sharply: bad news for construction companies, but good for everyone else (and its current growth rate of 6% is still mouth-wateringly good by West European standards).
The Republican National Convention might be disruptive to commuters going in and out of Pennsylvania Station, but for drivers, there is one piece of good news: road construction will grind to a virtual standstill in much of Midtown Manhattan before and during the event, and will cease on most major highways in the city during the convention week.
And so let us focus for a moment, before the President's next disorienting tweet, on yesterday's news that construction of the Dakota Access Pipeline will be restarted, a development that fits in perfectly with one of this country's oldest cultural practices, going back to the days of Plymouth Rock: repressing Native Americans.
In other economic news, U.S. construction spending fell 0.3% in June, weaker than analysts' expectations for a flat month.
Ahead of the jobs data, market watchers get a Tuesday report from the Institute for Supply Management on June manufacturing, as well as news on construction spending for May.
We expect the negative news surrounding construction delays and the departure of McEwen, which have haunted shares this year, to lift soon and to see the stock outperform the gold group over the next 12 months.
