China's macroeconomic regulation in the past five years was "effective" and secured a fast yet steady growth of the economy, development chief Ma Kai said on Thursday.

"If you admit China has achieved sound economic and social development but at the same time say the macroeconomic regulation fails to be effective, that doesn't accord with logic or facts," said Ma, minister in charge of the National Development and Reform Commission (NDRC).

Ma made the remarks at a press conference on the sideline of the annual session of the National People's Congress (NPC), the top legislature.

Ma said that the Chinese economy, with an annual growth of 10 percent or higher in the past five years, has maintained a fast yet steady development without major fluctuations.

"More importantly, the economic efficiency has greatly increased and the economic structure has been further optimized. The Chinese people, in particular, received even greater benefits, " Ma said. "Those achievements are obvious to all."

Ma admitted, however, the country faces prominent problems such as overheated growth in fixed asset investment, excessive supplies of money and credit, and excessively large trade surplus, but he said the problems are being resolved step by step.

"The macroeconomic regulatory measures didn't harm the fundamentals of the Chinese economy," he added.

(Xinhua News Agency March 6, 2008)