Beijing steps up controls

The government has unveiled a fresh round of macroeconomic controls in an effort to curb overinvestment in key sectors and keep a tighter hold on land and lending, the South China Morning Post reported. After the economy grew by 10.2% year-on-year in the first quarter, fears of overheating were reignited. "[We] must strengthen adjustments in fixed-asset investment and tighten the controls over land and credit," the National Development and Reform Commission said on its website. "New projects must conform to state industrial policies and market standards and we must prevent excessive investment in some industries and regions." The watchdog said there was oversupply in the aluminum and cement industries driven by overinvestment. In the first quarter fixed-asset investment grew by 27.7% compared to the year before.