Three ministries and commissions, including the National Development and Reform Commission, will strictly control new projects such as electrolytic aluminum

Shanghai, June 17: The General Office of the State Council of the People's Republic of China forwarded the opinions of three ministries and commissions, including the National Development and Reform Commission, and will strictly control new projects, with a view to curb the trend of rapid growth in investment in fixed assets this year. From January to May, China's urban fixed asset investment was RMB 2 trillion (M) RMB 544.3 billion, an increase of 30.3% year-on-year. The regulatory opinions jointly issued by the National Development and Reform Commission, the Ministry of Land and Resources, and the China Banking Regulatory Commission pointed out that all regions must comprehensively clean up their newly started projects on the basis of self-examination in terms of whether they are in line with national industry plans and industrial policies. The new construction projects that do not meet the conditions for market access and related laws and policies shall be seriously rectified, and construction of the new construction projects shall be stopped. The opinions also mentioned that all kinds of proposed projects should be strictly examined, land management should be further improved and perfected, and strict implementation of loans for capital construction should be strictly controlled. In addition, new projects with excess capacity in the industry must be strictly limited. Strictly control new projects in industries such as steel, electrolytic aluminum, automobiles, and cement, and accelerate the restructuring of industries with overcapacity.