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China's economy still trying to land softly

www.chinanews.cn 2005-01-19 13:58:17

Chinanews, Beijing, Jan. 18 (By Zhao Jianhua) - On January 18, economist
Wu Jinglian opined that China's economy has not yet succeeded in
achieving a soft landing, handicapped by deep-seated overheated economic
issues such as bad economic structure, inefficient resource distribution
and ineffectual economic growth.
The economic expert regarded the year 2004 as "full of little scares but
no major danger". Economic overheating started in 2003 and continued
unabated and threatened to worsen in 2004. Since the first quarter of
2004, the government has been implementing macro-control policies that
considerably cooled the economy by the fourth quarter. China's economy
has been steadily cooling while continuing to grow, without problems
associated with a hard landing.
China has learned good lessons and made significant progress on how to
develop its economy, said Wu. For example, GDP growth is essential to an
economy, but this belief has led some people to form one-sided opinions
that whatever the costs, whatever the means, GDP growth would conquer
everything.
Another problem was that the country often overlooked the importance of
coordinated development between regions, peoples, between the economy and
other issues, and between humans and nature. The emergence of issues such
as economic overheating, waste of resources, and others in 2003 and 2004
made people realize the potentially grave consequences of uncoordinated
development.
Wu finally added that under a market economy and an expansive monetary
policy, private investment could also overheat the economy.

E-mail: zhangqinghua@chinanews.com.cn Tel: 8610-88387443 Fax:
8610-68327649

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