RISING PROPERTY PRICES A WORRY IN CHINA, CAR SALES DIP IN INDIA

BEIJING - China’s local fiscal revenue growth for January and February was “too fast” because of more property transactions, according to China’s official Xinhua News Agency, suggesting that the Chinese authorities are deeply concerned about surging property prices. China’s local fiscal revenue rose 12.9% in the first two months of 2013, while the national fiscal revenue grew only 7.2% during the same period. Car sales in January and February expanded by 14.7% y/y, while car industry output grew 14.1%, according to the China Association of Automobile Manufacturers.