AGENCE FRANCE-PRESSE in Beijing

Beijing's attempts to cool down the economy have "exceeded expectations" as a careful mix of policy measures have targeted several problem sectors, according to State Councillor Tang Jiaxuan.

"I think we can say that the results of the macro-economic control measures have exceeded our expectations," he said.

"We will deepen reform while promoting development."

The measures referred to by Mr Tang include curbs on lending to industries such as real estate, car manufacturing and steel production, a reduction in the number of development zones, and most recently an interest rate increase.

"It's not the hard landing everyone is talking about...it's an extremely scientific macro-economic control policy," Mr Tang said.