China should fine-tune its economic policies based on changes in the economy. This from the official Xinhua News Agency citing the conclusions of a key legislative committee.
The finance and economic committee of the National People’s Congress said fine-tuning of policy should be done at appropriate times and in a suitable magnitude. At the same time, it warned that the government must prevent the "extraordinary growth" in credit that could lead to inflation risks and problems for the financial system.
The conclusions came hours after official data showed Beijing turned its economy around far faster than most thought possible in the second quarter as growth accelerated to 7.9% from a year earlier, from the 6.1% recorded in the first.
Wall Street Journal Online reported the committee had said the current economic recovery is very reliant on government policy and non-policy drivers aren’t strong enough.