Effective Restrictions on Economic Growth

The fact that the rate of our national industrial growth has been markedly lower than expected since the beginning of this year has aroused universal concern among various circles. Because perceptions of the reasons for this phenomenon are different, the countermeasures that have been proposed differ considerably. On the one hand, in our view, the slowing down of the rate of industrial growth is the result of conscious control exercised over the "high-speed [growth]" through the adoption of various policy measures since last year and is therefore basically normal. Moreover, on the basis of the high-speed growth of last year, the 4.4 percent average growth rate during the first quarter of this year is by no means low and does not warrant too much concern. On the other hand, however, it should also be noted that in the process of slowing down the rate of industrial growth, certain factors in our economic growth and reform that restrict the long-term steady growth of our national economy have been revealed. That is what calls for our close attention and deep reflection.