Beijing Walks Tightrope on Domestic Housing Market

Developer Evergrande could be the straw that breaks the camel’s back

A worker pushes cart at the construction site of a housing complex under construction in Beijing on Aug. 15, 2017. Greg Baker/AFP/Getty Images

Commentary

In late 1979, then-Federal Reserve Chairman Paul Volcker announced a bold plan to get rid of the high inflation that had plagued the U.S. economy for much of the 1970s—raising interest rates to 20 percent.