China's economy is moving on the desired track of macro-economic control

BEIJING - China's economy is moving on the desired track of macro-economic control, according to an executive meeting of the State Council, the Cabinet, held on Wednesday.

"China has achieved great success in fighting the snow havoc and restoration work in snow and ice hit areas. The country's economy is maintaining stable growth momentum," said the meeting presided over by Chinese Premier Wen Jiabao.

The meeting pointed out that the agriculture sector is developing stably, the industry sector sees rapid growth and the country's economic restructuring has made new headway with the reform and opening-up continuing to move forward, adding that "the overall economic situation is better than expected."

China has maintained steady, rapid growth so far this year, despite the worst winter here in half a century and the spreading global credit crisis, with its economic growth slowed to 10.6 percent in the first quarter from 11.7 percent in the same period last year, said the National Bureau of Statistics (NBS) on Wednesday.