Failing macro-economic control of China's hot economy?

Fons Tuinstra (director, columnist Chinabiz. Ltd) comments on China's hot economy and raises the question whether the macro-economic control measures really work.

The failing macro-economic control – the WTO column

"The official story is that last year the financial authorities successfully used macro-economic controls to halt growth of an overheated economy. Those measures to cool down the economy caused a ‘soft landing’, at least that is what everybody kept on writing, also after last weeks GDP-figures that told us China had been growing in 2004 with 9.5 percent.But according to those figures, apart from a minor slowdown in the third quarter of 2004, those controls did not have the effects that were attributed to them." Read more