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China will cut the issuance of treasury bonds this year by a "modest" amount, according to Han Yongwen, secretary-general of the National Development and Reform Commission.

The government will try to reduce its financial deficit and expand channels for direct financing, Han said.

The stock market will be further regulated and developed and citizens will be encouraged to invest their savings in shares or corporate bonds, he said.

Last year, China issued book-entry treasury bonds totaling 652.72 billion yuan (US$84 billion), 150 billion yuan more than in 2005.

But with China's stock market index rocketing throughout 2006, citizens currently prefer buying shares to T-bonds.

Han expressed concerns about a potential rebound of once-overheated investment and excessive liquidity. He said control over fixed asset investment will continue to be enhanced.

He estimated that China's fixed asset investment grew 24 percent last year, beyond the expectations of macro-control policy makers.

(Xinhua News Agency January 25, 2007)