Time to "tap brakes" on economy, NPC official says

Investment in fixed assets remains too high and the government must continue to apply measures to prevent overheating, a senior official has said. Cheng Siwei, vice-chairman of the National People's Congress Standing Committee, said growth remained on target but the government needed to �tap on the brakes� to prevent excessive spending on fixed assets. He pointed to a 43% rise in fixed-asset investment in the first quarter of this year compared with a 26.3% increase in all of last year, but said that did not mean the economy was as yet overheating. On Thursday top national leaders gather for the fourth plenum of the party's Central Committee, with debate on how and where to slow the economy topping the agenda.