United States housing bubble The Economist Intelligence Unit's Access China service released a follow up report to the October 2010 report "CHAMPS: China’s fastest-growing cities" entitled "Building Rome in a day: The sustainability of China’s housing boom". forecasting the population and average income in close to 300 Chinese cities, and the subsequent demand for housing in China which during the next decade. The report stated that "with China’s property market being an important global economic indicator, China’s housing boom will present opportunities for investors in sectors such as furniture, cars and building materials." Regarding China's urban population, the report forecasts that between 2011 and 2020 it will "increase by 26.1% or over 160 million people, while urban per head disposable incomes will increase by 2.6-fold to 51,310 RMB (about US$7,500 at current exchange rates)." Deflation of the bubble and effects on growth Between 2010 and 2011, policies were enacted to curb the bubble from worsening or prevent it from occurring. The Chinese cabinet announced in 2010 it would monitor capital flows to "stop overseas speculative funds from jeopardizing China's property market" and also begin requiring families purchasing a second home to make at least a 40% down-payment. In early 2011, Beijing banned the sale of homes to those who have not lived in Beijing for five years. Beijing also limited the number of homes a native Beijing family could own to two, and allowed only one home for non-native Beijing families. By July 2011, the Chinese Government raised interest rates for the third time that year. A new nationwide real estate sales tax was introduced in China in late 2009 as a measure to curb speculative investing. A mortgage discount for first-time property buyers – which had offered fixed, 5% 20-year mortgages at just above 4% – was also eliminated. The deflation of the bubble began in the summer of 2011, when home prices began to slow or fall in Chinese cities. The end of the property bubble is seen as one of the primary causes for China's declining economic growth in 2012. As told in an Al Jazeera documentary called Chinese Dreamland by David Borenstein, China's technocrats planned to avoid the late-2000s financial crisis and economic recession by creating the greatest housing boom in human history, with then-Premier Wen Jiabao proclaiming that "confidence is more important than gold or capital" to maintain employment and GDP growth. China ending up