China's economy to slow in 2005

China aims to grow its economy 8% this year, down from 9.5% in 2004, Premier Wen Jiabao said, despite doubts that this target can be met given the strong investment demand. Analysts say trillions of yuan of investment projects already under way or in the pipeline and the liquidity in the banking sector will continue to fuel growth. Beijing has promised improved monetary and fiscal controls; among them, the ministry of finance has committed to reducing long-term treasury bonds.