China admits economy facing new 'problems', vows to fix property sector

Chinese President Xi Jinping and other top leaders admitted Thursday that the world's number two economy was facing new "problems" and vowed to resolve a long-running crisis in the housing sector. "Some new situations and problems have emerged in the current running of the economy," the Xinhua news agency reported after the meeting, which was attended by Xi. "We must view the current economic situation comprehensively, objectively and calmly, face difficulties squarely, (and) strengthen confidence," it added.