By Li Shantong, Liu Yunzhong, Hou Yongzhi

Date：2003/12/01

Abstract： 　　

The figures of investment, consumption and export indicate that China's economic growth has entered another circle of robust development. During the new phase of development, adequate emphasis should be paid to the following risks: the fast investment growth might induce declining efficiency, overproduction and price decrease, the rapid growth of bank credit might bring about NPLs and the fluctuation of speculative asset price might cause the bubbles to be shattered.