The chairman of China Construction Bank, the country's second largest by assets, has warned of the perils of rapid economic growth, adding his voice to a growing chorus of economists concerned about overheating.
Gross domestic product growth of 9.5 per cent or above would "be very problematic", Guo Shuqing told the Financial Times. "It will mean more duplication of construction, more excess capacity and higher waste of capital."
In its latest estimate, the World Bank has predicted a growth rate of 9.5 per cent for 2010 but many analysts predict even faster expansion of China's economy this year. Growth in the first quarter alone is estimated at 11-12 per cent.
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