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CHINA CHECKS INVESTMENT PROJECTS.
BEIJING, May 3 Asia Pulse - Almost all kinds of investment projects in China including those of steel, aluminum and cement production as well as office building, golf course, urban railway, exhibition center and shopping mall construction are undergoing a nationwide check-up and many may be halted this year.
The State Council, the Chinese central government, recently issued a circular requiring all localities and departments to kick off examinations of most investment projects in fixed assets under construction or to be built.
Those projects banned by national policies or conflicting with laws and regulations on land management should be halted, whereas those not in compliance with environmental protection norms, urban construction blueprints, approval procedures or loan policies should be suspended, according to the circular released by the General Office of the State Council.
All projects that started in 2004 excluding some agricultural, ecological educational, health and science projects should be checked, the circular said, stressing that projects of over-investment and low-level repeated construction with consumption of huge energy, water, materials and great pollution should be firmly stopped.
No new projects of steel, aluminum and cement would be approved this year, the circular said, acknowledging that some projects in agricultural, ecological, infrastructure and social fields would still be supported.
The fixed assets investment rose 26.7 per cent in 2003 from the previous year and the growth rate of the steel, aluminum and cement industries almost doubled, official figures showed.
Early this year, the Communist Party of ...
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