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BEIJING - CHINA'S macroeconomic control policies are taking effect and there is no need for more measures to slow down growth, state media reported on Monday, citing a ranking policy-maker.
'The macroeconomic control policies are basically in place,' said Mr Liu He, a senior official at the central finance committee under the State Council, or cabinet, in an interview with the People's Daily.
'There is no need for more aggressive macrocontrols,' the Communist Party's mouthpiece quoted Mr Liu as saying.
The macroeconomic control measures refer to a slew of policies introduced by China to prevent the economy, the world's fourth-largest, from overheating.
China's economic growth slowed to 10.4 per cent in the first half of 2008 from 11.9 per cent for all of 2007, accompanied by a nearly 12 per cent fall in the trade surplus amid weakening foreign demand and a stronger yuan.
Inflation was at 7.9 per cent in the first half of 2008, peaking at 8.7 per cent in February. It has since lingered near 12-year highs. -- AFP
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