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| TITLE |
China plans measures to cut overcapacity |
| WRITER |
administrator |
DATE |
2010-02-03 08:46:59 |
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China plans measures to cut overcapacity - Mr Zhu
Bloomberg cited Mr Zhu Min Bank of China Deputy Governor as saying that the government plans new measures to rein in overcapacity in steel, cement and other industries amid a surge in bank lending.
Mr Zhu said “This year is particularly important because the structural changes have become such a top priority, so we will have more policy issues to guide industry and the commercial banks to follow this policy.”
The central banker comments come as China government attempts to stanch a surge in lending and shift the economy away from a decades-old reliance on exports. China has tried to rein in overcapacity in steel and cement in recent years by closing the most energy-intensive and polluting companies.
Mr Li Keqiang Vice Premier who also attended the annual gathering in Davos said the government wants to keep growth intact while containing inflation risks. He said that “The goal is to strike a balance among promotion of steady and fast growth, readjustment of economic structure and proper management of inflation risks.”
The Chinese economy expanded 10.7% during the last quarter of 2009 from a year earlier, the fastest pace since 2007 buoyed by new loans. The International Monetary Fund forecasts China growth will accelerate this year to 10% from 8.7% in 2009.
Resourced from Bloomberg |
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