Chinas property market has been heating up rapidly since July. Facing rampant speculative activities and severe property market risks， more than 20 cities including Beijing introduced numerous regulation and control policies between Sept. 30 and Oct. 10 in a bid to cool off the property market. These policies are expected to yield clear results in the short run. As for their long-term effects， cautious optimism prevails.

As the interest mechanism which determines speculative investment in the property market has not been eliminated， coupled with regulatory mechanisms that have room for improvement， the intensity of market regulation may at any time ease or even change direction. As such， there is a pressing need to address the economys over-reliance on the property market by undertaking land， financial， fiscal and tax reform.