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The central government will introduce stricter controls on fixed-asset investment as well as rein in growth of liquidity and trade surplus, a statement posted on the State Council's website said yesterday. The country's overall economic and social development is sound but outstanding problems exist, concluded an executive conference that the State Council held on Wednesday to analyze the economic situation. The State Council stressed the need to strengthen macroeconomic controls to facilitate change in the growth pattern and prevent the economy from overheating. In the first three months, domestic banks granted new loans of 1.42 trillion yuan (US$184 billion), about half of what they had lent last year. Meanwhile, the country's fixed-asset investment went up 23.7 percent year-on-year, reversing the trend of a gradual slowdown since mid last year. The State Council vowed to raise energy efficiency and environmental standards to rein in investment growth. It will also strengthen guidance for bank lending to check excess growth of money supply. Unreasonable preferential policies for exports will also be looked at to check growth of trade surplus, according to the statement. (China Daily April 20, 2007) |
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