China's macroeconomic control policies are taking effect and there is no need for more measures to slow down growth, state media reported Monday, citing a ranking policy-maker.
"The macroeconomic control policies are basically in place," said 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 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 percent in the first half of 2008 from 11.9 percent for all of 2007, accompanied by a nearly 12 percent fall in the trade surplus amid weakening foreign demand and a stronger yuan.
Inflation was at 7.9 percent in the first half of 2008, peaking at 8.7 percent in February. It has since lingered near 12-year highs.
