Beijing plans to rely more on market-oriented and legal measures than administrative macroeconomic controls to cool the economy in the second half of the year, the South China Morning Post reported, indicating it might prefer raising interest rates or banks' reserve requirements over other tools in the coming months. Vice Premier Zeng Peiyan indicated the new direction at the World Economic Forum's China Business Summit in Beijing Sunday. Zeng said the government would give priority to curbing overly rapid growth in fixed-asset investment. "We will try to rely less – or not at all – on administrative measures and mainly use economic and legal measures," he said. Zeng also pledged to push ahead the policy of reform and openness, and reaffirmed Beijing's commitment to improving and "perfecting" the yuan foreign exchange system.
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