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August 7, 2009

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Economist Warns Of Growth At All Costs

CHINA should not pursue economic growth at all costs at the expense of investment quality, Fang Weizhong, chairman of the China Society of Macroeconomics, said yesterday.

"A big chunk of our gross domestic product is derived from investments. But a lot of them are wasteful and pose serious threats to our environment," said Fang.

He said many projects, which were below standard in the past, were approved under a more relaxed policy in a bid to stimulate the economy. But these projects now found it difficult to carry on because of a lack of subsequent capital injection or due to widespread concerns of pollution.

"If the government neglects the problem, it will become a force to drag down the economy in the future," Fang said.

Fang was in Shanghai for the formation of the Shanghai Society of Macroeconomics, a body set up by local economists to advise on the city's development.


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