The fruit of previous investment is being reflected in the slower import figures, and that's good for medium-term growth.

The combined growth and external sector strengths allow Chinese policy makers to better address the country's structural economic challenges, and they have been taking the opportunity to do so.

We foresee that this year should be a year of investment and high export growth, therefore we need foreign currencies to finance investment and imports of raw material, as well as capital goods.

Growth was slightly better than we had expected, chiefly due to resilient domestic demand such as corporate capital investment and consumption.

The objective is to slow down investment growth and loan growth which were higher than the targets set by the government. This won't be the only move and more administrative measures are likely to come.

We would see lower levels of investment, lower economic growth, and as a result, lower wage gains.