For the past two months, the Chinese government has been trying to finesse an economy that has rebounded quicker and more strongly than anywhere else in the world.
Amid fears about bubbles and overheating, the Chinese authorities have opted for a subtle approach, lifting the reserves that banks have to deposit a couple of times and privately pressing them not to lend too much.
Wen Jiabao, premier, outlined this light-touch strategy in his speech last week to the National People's Congress when he said the government would maintain expansionary fiscal and monetary policies but restrict new infrastructure projects – setting a path for a gradual slowing of investment over the next year to 18 months.
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