The Chinese economy is "at risk of going from rapid growth to overheating," according to a new study from the National Bureau of Statistics (NBS). The study, which does not represent an official government view and appears to have been completed prior to last Friday's tightening measures, called for further moves to address excessive liquidity, the Wall Street Journal reported. Beijing moved to raise benchmark interest rates for a fourth time since April 2006 and banks' reserve ratio requirement for the eighth time since July last week, while the daily trading band for the yuan to the US dollar went from 0.5% to 0.3%. However, the NBS report offers a comprehensive policy prescription that includes fiscal, tax, monetary and foreign exchange measures, emphasizing that no one tool can be relied upon to effectively rein in liquidity. Recommendations include: more government spending on health care and education to boost consumption; a sharp reduction in export-tax rebates; increasing duties on energy-intensive exports; and selectively lowering duties to expand imports of important raw materials.