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Beijing's new tone is not enough to turn property market around

China still must deal with toxic assets and excess of developers

| China
An unfinished building in Suihua, China: Beijing's new plan does more to treat the property market's symptoms than the underlying causes of its troubles.   © VCG/Getty Images

William Pesek is an award-winning Tokyo-based journalist and author of "Japanization: What the World Can Learn from Japan's Lost Decades."

The ongoing rally in Chinese stocks has left zero doubt that global investors are desperate for any hint that Xi Jinping's government feels their pain.

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