China's brief about-face on key macro-controls

Beijing will back off some economic controls in overheating sectors, the South China Morning Post reported, citing a top economic planner, Cao Yushu of the National Development and Reform Commission. The economist said the government was temporarily shifting the thrust of its cool-down policy from "suppressing" some overheating sectors to "supporting" underdeveloped sectors. No more restrictions were likely on steel, aluminum and other orders for the rest of the year, said Cao. Sectors to be supported include high-tech industries and equipment manufacturing, Cao said.