From Stimulus to Restructuring

From Economic Observer Online:

The re-emergence of the Ministry of Environmental Protection (MEP) as a regulatory body with teeth, is an indicator that there has been a shift in the Chinese government’s macroeconomic focus.

After remaining conspicuously silent while investment surged into various high-polluting and energy intensive projects during the past 7 months, the MEP has recently stepped back into the fray by suspending construction of the Jinsha River hydroelectric dam.

The Ministry also undertook other disciplinary action, placing limits on other construction projects being carried out by the dam’s investors, the China Huaneng Group and China Huadian Corporation and declaring a moratorium on the approval of any iron and steel construction projects in Shandong Province.

This is being interpreted as a clear sign that the government is starting to shift its macroecomic focus.

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