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Chinanews, Beijing, Apr. 12 – China started a new round of macroeconomic control on Tuesday, as the State Development and Reform Commission (SDRC)issued a notification trying to call an end to surging investment in aluminum1. The notification was issued at a time when China was about to release its economic data for the first quarter. According to some analysts2, this indicates the central government’s attitude towards a tightened3 monetary4 policy, the Beijing Morning Post reported.
During the first two months of the year, fixed5 investment in aluminum industry increased by 124.2% over the same period last year. At the same time, sales rate of aluminum products fell to 90%. Currently, it was key time for aluminum industry to undertake industrial restructuring. China should impose greater macroeconomic control measures to cool down the blind investment in the industry, says SDRC in the notification. In fact, the growth rate of fixed assets investment, the source for the economic heat, reached only 23.4% during the first two months of the year, a rate far lower than the same period last year. However, recently, SDRC repeatedly indicated that it still faced a tough task to curb6 the too hot investment. It said that macroeconomic control measures were not effective enough and what concerned SDRC most was the high growth occurring in some high energy consumption industries. Information shows that during the first two month of the year, the rising trade surplus was mostly caused by the large export in some high energy consumption industries, including iron and steel and electrolytic aluminum. In some regions, the high investment growth rate was often pushed by investment in high energy consumption industries, including iron and steel, cement, coal, electricity, and electrolytic aluminum.
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