China Vows Anew to Curb Wasteful Investment
Date: 12-Dec-06
Country: CHINA
The National Development and Reform Commission (NDRC) singled out steel, non-ferrous metals, coal, power, oil and chemicals.
It also said it would keep improving its macro-economic controls because many of China's economic problems had yet to be fundamentally resolved.
The NDRC was outlining how it would implement the broad strategy agreed last week by China's cabinet and top policy makers at their annual central economic work conference.
The NDRC said its policies to slow investment and improve energy efficiency were working, but it echoed the cabinet by saying the foundations for healthy economic growth were not solid enough.
"We will apply very strict criteria for energy consumption in approving investment projects and will impose differentiated water and power prices on highly energy-intensive and polluting sectors," it said on its Web site (www.ndrc.gov.cn).
The agency said it would also introduce tougher criteria for land use, environmental protection, technology and workplace safety in order to improve the quality of capital spending.
The NDRC said it would inject more money into health care, education and social welfare projects as well as channelling more funds to the under-developed western regions.
