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Chinese central government strengthened its macro-economic control this year and efforts to cool down overheated sectors of the economy have taken effect.
On April 9, in a State Council executive meeting presided over by Premier Wen Jiabao, the government called for further effective measures to ensure steady and fast national economic growth.
The government said that China has generally maintained good momentum in economic development, but there remained some serious problems that deserved attention, such as overgrowth in investment, too many new construction projects, and blind or overlapping construction efforts.
Overheating problems in some sectors have imposed pressure on coal, power, oil and transport supplies and brought about rises in prices for raw materials and other necessities, the government believes.
On April 27, the State Council issued a notice investment in four overheating industries steel, aluminium, cement and real estate.
It instructed relevant government bodies and the Jiangsu provincial government to punish officials involved in an illegal construction project of Jiangsu Tieben Iron and Steel Co.
The central government has taken a series of macro-control measures such as tightening credit curbs and land controls since then.
The measures have helped restrain unhealthy factors and avoid drastic ups and downs in China's economic development.
Statistics show China's investment in fixed assets totalled 4.5 trillion yuan (US$544 billion) by September this year, up 27.7 per cent year-on-year, but down 15.3 percentage points compared with the growth rates of the first quarter of this year.
At the Central Economic Conference held earlier this month, the Communist Party of China Central Committee and the State Council decided that the macro-economic control policy will be strengthened and improved next year and a prudent fiscal and monetary policy will be enforced.
(China Daily December 31, 2004)
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