China's economic growth has not.........>

CHINA PRESS: China's economic growth has not entered a "new cycle" and so the

country should continue its supply-side reforms and seek new growth engines, the

State Information Center's chief economist, Zhu Baoliang, said Tuesday in a

commentary in the 21st Century Business Herald. China's recent robust economic

growth was due to a stable program of infrastructure construction. China needs

to tackle four problems in the future, Zhu said: reforming state-owned

enterprises; establishing a long-term system for development of the property

sector; dealing with local government debt; and balancing the yuan exchange

rate. Monetary policy needs to be tight, Zhu said, and China needs to continue

deleveraging, strengthen controls of the property market and squeeze speculative

capital out of the market. At the same time, fiscal policy should maintain a

certain level of looseness, and local government debt risks should be strictly

limited, he argued. If the above issues were tackled within three to five years,

it would provide a beneficial environment for China's economic restructuring,

Zhu concluded. (21st Century Business Herald)