China's macro-economic control has yielded results and China's economy is moving toward the targeted goal, a senior Chinese official told a session of the World Economic Forum on Saturday in Davos, Switzerland.
Li Shenglin, vice minister in charge of the State Development and Reform Commission, said that the government's efforts to cool the economy has begun to pay off as it has brought its economy from some overheating to stable growth.
Over the last 12 months, China's economy continued its stable growth, said the vice minister, citing that China's GDP (growth domestic product) in 2004 is estimated to be 1.6 trillion US dollars, a 9.5 percent year-on-year growth.
Meanwhile, China's total import and export volume exceeded 1.15 trillion dollars, witnessing a 35.7 percent increase and helping China rise form the fourth place in 2003 to the third in the world.
Li said that progress has been made in curbing excessive investment during the last year, and some weak links constraining social and economic development have been strengthened.
China's investment in fixed assets was up 25.8 percent last year, representing a drop of 1.9 percent over the growth rate for the previous year.
However, the Chinese official cautioned it is still not the time to celebrate. To achieve the goal of a balanced economic development, those macro-economic control measures should continue to be maintained and improved, he declared.