China's Wen Seeks to Curb Pollution, Sustain GrowthBy Yanping Li and Zhang Dingmin
March 5 (Bloomberg) -- China will crack down on polluting factories and boost spending on farmers and low-income earners as the government seeks a more balanced expansion of the world's fastest-growing major economy, Premier Wen Jiabao said.
``We need to adjust the balance between investment and consumption,'' Wen said in his annual policy speech to the National People's Congress in Beijing. China must curb loans to ``highly polluting'' enterprises, the premier said.
Wen's speech highlights the shift in government priorities from pursuing economic growth targets to addressing the costs of expansion, including environmental damage and a widening income gap. Excessive investment fueled by cash from China's record trade surplus may spur the construction of too many factories, leaving the economy vulnerable to a slowdown in demand.
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