日批在线视频_内射毛片内射国产夫妻_亚洲三级小视频_在线观看亚洲大片短视频_女性向h片资源在线观看_亚洲最大网

   

CHINA / National

Fixed assets growth sparks warning signal
(China Daily/Xinhua)
Updated: 2006-08-02 06:23

A report from China's economic watchdog has warned that fixed assets continue to lead galloping investment growth into overheating.

The National Development and Reform Commission (NDRC) said overall fixed assets investment during the first half grew 29.8 precent to 4.24 trillion yuan (530 billion US dollars), 4.4 percentage points higher than the same period last year.

Meanwhile, nearly 100,000 new construction projects were launched, 18,000 more than the first half of last year.

Some industries showed signs of overheating. Investment in textiles surged by 40.6 percent and automobiles by 44.5 percent in the first half, accelerating from the first quarter.

Some projects deviated from the state's industry plan, and repeated construction remained serious, the report said.

The problems were attributed to local governments' blind pursuit of rapid economic development, excessively driven by growth in fixed assets investment, the report said.

Rampant illegal land use exacerbated the problem.

The report suggested efforts to curb the soaring fixed assets investment, including stricter controls on the number of new projects, more stringent land management, tighter bank lending, and a more efficient investment structure.

Officials meet to 'unify thinking'

More than 100 top Chinese reform officials met yesterday in the summer resort of Beidaihe, 250 kilometres northeast of Beijing.

The meeting was planned to be a series of closed-door brainstorm sessions on challenging issues in the nation's social and economic reform, and most importantly to draw up the development roadmap for the next half of this year, according to officials from the National Development and Reform Commission (NDRC), which organized the event.

Participants included officials in charge of reform, commerce and monitoring of market prices from the provincial level.

The five-day brainstorm series is "an annual event for mid-year stock taking," said commission press officer Zhou Qing. But the meeting is expected to take three more days this year than in the past, due to the particularly long agenda, she said.

The usual mid-year stock-taking conference would take only two days, she said, with all the discussions held in Beijing.

The 2006 agenda for the Beidaihe meeting, according to the officer, covers several aspects of reform, including how to slow down economic growth when some economists say it is already over-heating, how to curb the land and credit supplies that have been fuelling a nearly unbridled rise in property investment and related prices, how to raise energy efficiency, how to balance income distribution, and how to reform the government system.

However, the tough part of this year's meeting is not to design solutions, but to "unify thinking," according to another NDRC official who does not wish to have his name disclosed.

Provincial officials are expected to seek an agreement with the central government on the evaluation of the economic situation, particularly on the general line to be taken to deal with the nearly frenzied investment growth.

"We have already introduced several batches of measures in economic control since 2003," said the NDRC official, a specialist in the monitoring of fixed asset investment. "But more often than not, they got ignored or became distorted at the local level."

During the first half of this year, the rate of growth for China's gross domestic product (GDP) was 10.9 per cent, the highest since 1995, with economists forecasting even higher growth in the months to come.

In the mean time, although the government planned to cut energy use per unit of GDP by 4 per cent from that of 2005, the actual figure gained 0.8 per cent in the first half of the year, in year-on-year terms.

Stephen Roach, chief economist of Morgan Stanley, recently said China is a special case where economic development is dominated by such capital-intensive activities as urbanization, infrastructure, and industrialization. As a result, the investment share in China's GDP growth would naturally expand more quickly, as internal consumption lacks support and the impetus to export remains strong.

"But this unbalanced growth model has now gone to excess," Roach declared in a recent writing.

In their heydays, investment shares in Japan and Korea never went above 40 per cent of GDP. Now, in Roach's forecast, China's investment is likely to hit 50 per cent of GDP in 2006 underscoring the looming risk of excess supply in credit and land.

The central government has been seeking to curb this trend since 2003, with NDRC having issued directives nationwide, constraining project approvals in over-heated industries like aluminium, cement, ferrous alloys, coal, carbide-based PVC, and real estate development.

However, the growth momentum has remained stronger than officials would like to see.

Wu Jinglian, an economist with the State Council Development Research Centre, a central government think-tank, said recently that such galloping growth is mainly a result of the local governments' investment urge, and of their meddling with the land rights and the prices of resources.

"Government offices all need to learn to redefine their roles in the market economy," the veteran economist said.

 
 

Related Stories
 
主站蜘蛛池模板: 国产在线无 | 欧美肥老妇视频九色 | 国产激情视频 | 91在线高清| 中文字幕免费在线观看视频 | 久久久久久久久99 | 黑人操日本 | 日本精品视频在线 | 成人免费看视频 | 人人色视频 | 日韩中文字幕在线 | 糖心在线视频 | 天天干天天谢 | 在线观看视频h | www.色黄 | 日韩在线视频二区 | 四虎影院永久地址 | 欧美激情校园春色 | 92久久| 日韩成人一区 | 国产午夜手机精彩视频 | 国产精品毛片va一区二区三区 | 国产一区二区三区视频在线观看 | 久久精品区 | 精品视频亚洲 | 天堂资源最新在线 | 直接看毛片 | 精品永久| 久久久久久久久国产 | 日韩女优中文字幕 | 四虎网站在线 | 久草免费在线视频 | 中国女人一级一次看片 | 国产欧美在线 | 中文字幕精 | 韩国精品一区 | 精品国产一二三区 | 免费精品一区 | 在线毛片观看 | 91在线观看免费高清 | 91日本在线 |