NBS: New economic tightening measures unlikely
(XFN-ASIA)
Updated: 2006-09-25 15:44
China is unlikely to launch new measures to rein in rapid economic growth
because signs are emerging that fixed-asset investment is slowing and rising
property prices have moderated, The Standard reported, citing the director of
the National Bureau of Statistics.
Qiu Xiaohua, director of the National Bureau of Statistics.
[Baidu.com] |
Qiu Xiaohua told the newspaper that measures taken by the central government
this year to cool overheated sectors have started to take effect, so further
tightening measures are unnecessary.
'As the measures that have been put into place are effective, we will
continue with them and keep a close eye on their outcome to ensure better
implementation,' the newspaper quoted Qiu as saying.
China's fixed-asset investment in August was up 21.5 percent year on year but
down 5.9 percentage points from July, which in turn was down 6.1 percentage
points from the 3.5 percent growth in June.
Property prices climbed 5.5 percent year-on-year in August, slightly lower
than the 5.7 percent and 5.8 percent rises in July and June.
Qiu attributed the slowdown to the effectiveness of controls, adding that the
economy can achieve sustainable growth, the newspaper said.
He said that investment is the most important of the three economic drivers,
ahead of consumption and exports.
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