Cutting overcapacity

With only two months of the year to go, more efforts are badly needed to curb local governments' urge to boost growth through investment, particularly in those sectors with severe overcapacity.

China's gross domestic output grew 7.7 percent in the first nine months, which has secured the government's full-year target of 7.5 percent.

However, while most developed areas in this country such as Guangdong province, Beijing and Shanghai have recently cut their growth targets to expand their room for economic restructuring, a number of local governments still seem to be fixated on GDP growth.