China needs to consolidate macro-control measures
Updated: 2006-10-22 11:01 The rapid growth of China's economy has been
relatively brought under control, but effects of macro-control measures need to
be further consolidated, said Xie Fuzhan, director of China's National Bureau of
Statistics (NBS) in Suzhou on Saturday.
This is the first time Xie commented on China's macro-economy since he was
appointed head of NBS earlier this month.
The fast growth of investment and loans has been restrained, and the economy
is heading in the intended direction, said Xie at the ongoing 2006 China
Economic Growth Forum.
China's gross domestic product (GDP) grew by 10.7 percent year-on-year in the
first three quarters, down 0.2 percentage points from the first half of the
Fixed assets investment surged by 27.3 percent over the same period last
year, 2.5 percentage points lower compared with that in the first six months.
Despite the double-digit economic growth, the inflation rate, or the consumer
price index (CPI) only inched up 1.3 percent in the first nine months.
But Xie said many problems still hinder the healthy growth of Chinese
economy, including the worsening imbalance of international payments, rapidly
rising energy consumption, a deteriorating environment and growing pressure on
raising farmers' income.
Xie said the government will step up efforts to transform the economic growth
mode and strengthen the independent innovation.