Macro Control and Micro Self-Regulating Investment

Zhou Daojiong

Chinese Economy, 1986, vol. 20, issue 2, 90-96

Abstract: In 1984, China's national economy showed stable, uninterrupted growth. Oversupply of money emerged as a major problem. Too many bank loans were extended, consumer funds grew too fast, and investment in fixed assets became excessive. Since the beginning of 1985, a number of localities and departments have one-sidedly emphasized high speed of development. Large-scale investment has continued to pour into extrabudget projects. Overinvestment manifested itself in the escalation of project scale and requirements, and other loopholes such as key projects siphoned off an immense amount of additional funds, and unnecessary duplication in construction. Economic results of investment have slowed down to a slump. A major task in current national economy is to curtail the scale of investment.

Date: 1986
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