Others News
- Further economic reforms urged
Date: 31-Oct-2007 Sources: (Shenzhen Daily)
CHINA must continue to liberalize its currency and other key areas of the economy to ward off overheating but should be cautious about opening strategic sectors to foreign investment, Vice Premier Zeng Peiyan said.
Zeng, in an essay published yesterday in the People's Daily, said China still had to tackle problems of rapid investment growth, a huge trade surplus and excessive money and credit supply.
'A key point at the moment is to reform the water, power, oil, gas and land prices, and deepen pricing reforms of capital and foreign exchange, to promote stable interest rate liberalization and continue to improve the yuan exchange rate formation mechanism,'Zeng wrote.
'(We must) control the degree and pace of opening up to foreign investment in key areas and sensitive sectors, to avoid international economic risks and to maintain national economic security.'
He said the country should shut down outdated steel, non-ferrous metals, chemical, construction materials, coal and power facilities, to achieve more balanced growth.
Zeng was commenting on what he had learned at the recently concluded Party congress, and his remarks echoed those of President Hu Jintao, who called for greener and leaner growth in his report to delegates.
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