Better no bold stroke in macro-control at present

Macro control has paid off and it is better not to issue new major macro-control policy at present, said Wang Yiming, vice president of the Academy of Macroeconomic Research (AMR) under the National Development and Reform Commission (NDRC).

Wang said, viewed from investment, credit, price indexes and the slowed growth of production in some overheated industries, macro control steps gradually in place, and presently it is not necessary clench harder.

Nevertheless, Wang said, the achievement made through macro control is preliminary therefore we can not say that the control has been completed. Investment in the first five months increased by 34.8 percent, a rate still high, and so was the situation in the several overheated industries; shortage in transportation of coal, power and oil still remains, with lingering pressure of price rise.

He added that now it is better not to put forward new tightening policy. Time is needed to provide a good foundation for the policy orientation next.

After several macro control policies, it is probably more important to observe the effect than to rashly put forward new policies. Even though there are new ones, they must wait for the effects of the present ones.

By People's Daily Online