China Legislators lash out at duplicated investment

Byzjx

Updated Thu, 12 May 2005 00:00:00 GMT

Legislators lashed out at China's duplicated investment projects, saying the duplication of low-technology projects menaces the country's bid for sustainable economic development.   

    Excessive investment was also recorded in redundant airport projects in the Yangtze River Delta region including Shanghai. Thedelta is one of the country's fast-growing areas where a number ofsmaller airports are running in red.

    The excessive expansion of those sectors have resulted in shortsupplies of energy in two thirds of the country's provincial regions in 2003.

    China has issued warnings on overinvestment over the past few months, and moved to take tougher actions to tackle the issue, including stringent control of bank loans, and threat of penaltiesto government officials that approve those projects.