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Macro controls to ensure stability
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The nation will continue to strengthen macroeconomic regulation next year to promote sound and rapid economic growth, a meeting of the Political Bureau of the Communist Party of China (CPC) Central Committee said yesterday.

The meeting, presided by President Hu Jintao, said although the country has made headway in maintaining stable economic growth, problems exist.

The top priority next year will be to prevent relatively fast economic growth from overheating and stop structural price rises from evolving into entrenched inflation.

Gross domestic product (GDP) expanded by a blistering 11.5 percent in the first three quarters year on year.

The consumer price index grew by 6.5 percent in October, matching the decade's high in August. It is expected to reach 4.5 percent for this year, much higher than the benchmark of 3 percent set by the central bank earlier this year.

Measures will be taken to continue to strictly control excessive growth in fixed-asset investment and keep prices stable, the meeting said.

China will also focus more on the drive to save energy and cut pollutant emissions, Hu said at a recent meeting soliciting opinions on the current economic situation from non-Communist parties, industrial and commercial federations and people without party affiliation.

Premier Wen Jiabao made it clear last week that the country will strive to maintain stable prices and sound economic growth.

The remarks are seen as setting the tone for the upcoming high-level central economic conference, whose date has not been announced.

The conference "will pave the way for smooth implementation of central policies by local governments next year", Chen Gong, chairman and chief economist of Beijing-based Anbound Consulting, told China Daily.

It is quite likely that the central authorities will take harsher measures next year to curb fast-growing fixed-asset investment, he said.

Urban fixed-asset investment grew by 26.7 percent year on year during the January-October period, while real estate investment rose by 31.4 percent, up from 30.3 percent in the first nine months.

(China Daily November 28, 2007)


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