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 year.

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.