Beijing is preparing to step on the brakes - Chinese style. The 10 per cent annualized growth in first quarter domestic product came on the back of surging liquidity.
Banks lent $137bn in the first quarter, about half the amount targeted for the whole year. Monetary tightening is overdue... China has opted for administrative measures and is likely to do so again. Possible actions include stricter bank reserve and lending rules and limiting land supply...
(Financial Times, April 26,2006a, p. 16)
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