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China

September 06, 1993|From Times Staff and Wire Reports

Beijing Tries to Get Handle on Inflation: Vice Premier Zou Jiahua has ordered local officials to stop approving new construction projects in the latest move to reassert control over the country's runaway inflation, according to China's official media. Zou's speech last week indicated concern that powerful local officials are not carrying out the central government's austerity program, designed to curb an inflation rate that is above 20% in major cities. The program, started two months ago, seeks to crack down on easy credit and speculative investment, particularly in the real estate sector. Zou said the only new construction that will be allowed are projects approved by the Cabinet.

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