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To: RealMuLan who wrote (5342)	4/30/2004 3:43:42 PM
From: microhoogle!	Respond to of 116555

China halts steel project in crackdown Move signals more aggressive attempt to slow economy By David Wilder, XFN Last Update: 7:36 PM ET April 29, 2004 SHANGHAI (AFX-ASIA) - China has stopped construction of a huge steel project near Shanghai and punished several bank and local government officials as the campaign to rein in runaway investments and avoid an economic hard landing moves to a more aggressive phase. The action against Jiangsu Tieben Steel Co Ltd's 10.6 billion yuan steel project in Changzhou city in Jiangsu province is the latest in a series of moves suggesting a renewed determination by Beijing to clamp down on local government spending and bank lending officers. China's top government body, the State Council, made the decision to block the project and detain officials, according to state media. "This is the exactly how you kill the chicken to scare the monkey," said BNP Paribas economist Chen Xingdong. More in... cbs.marketwatch.com