China's Zhou on prospects for a soft landing

Zhou Xiaochuan, governor of the People's Bank of China, believes that the central bank's measures to cool China's rapid growth and engineer a soft landing are working, states a report in China Securities Journal.

China's growth rate of 9.1% for the first three quarters of 2004 has been very rapid and is expected to cool over the next year, but it has also led to a buildup of bad debts and inflationary pressure in the Chinese economy. The central bank recently raised interest rates in an attemp