China's Hu pledges to rein in investment

By Staff
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Google Oneindia News

BEIJING, July 24 (Reuters) China's President Hu Jintao has called for steps to rein in rapid growth in fixed-asset investment in the second half of this year, the official Xinhua news agency said on Monday.

His comments come just days after the central bank raised banks' reserve requirement ratios for the second time in five weeks, in the latest effort to ward off economic overheating.

''First of all, we should put effective controls on fixed-asset investment,'' Xinhua quoted Hu as saying in outlining the country's key economic tasks for the second half.

Hu, speaking at a recent meeting, also urged government officials to be aware of ''prominent problems'' in the economy and to make timely policy adjustments, Xinhua said.

Hu said the government would tighten credit and restrict land use to curb growth in industries that faced overcapacity, as well as those that consumed too many resources or were seriously polluting.

China would also take steps to bring greater balance to its trade, including pushing for exporters to move up the value chain, the agency cited him as saying.

REUTERS SBA VV1707

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