Moreover, housing-market reforms and the development of a mortgage-loan market in the late 1990s fueled rapid growth in real-estate investment, which reached an annual rate of over 20% in 2000. As a result, real-estate development became the most important contributor to economic growth, even as exports boomed following China’s accession to the World Trade Organization.
此外，20世纪90年代末房地产市场改革和按揭贷款市场的发展助长了房地产投资的快速增长，到2000年，房地产年增长率达到了20%。结果，房地产开发成为经济增长的重要引擎，即使在中国加入世贸组织大幅提振出口之后仍是如此。