china keeps tight rein on credit china s efforts to stop the economy from overheating by clamping down on credit will continue into 2005  state media report.  the curbs were introduced earlier this year to ward off the risk that rapid expansion might lead to soaring prices. there were also fears that too much stress might be placed on the fragile banking system. growth in china remains at a breakneck 9.1%  and corporate investment is growing at more than 25% a year. the breakneck pace of economic expansion has kept growth above 9% for more than a year. rapid tooling-up of china s manufacturing sector means a massive demand for energy - one of the factors which has kept world oil prices sky-high for most of this year. in theory  the government has a 7% growth target  but continues to insist that the overshoot does not mean a  hard landing  in the shape of an overbalancing economy. a low exchange rate - china s yuan is pegged to a rate of 8.28 to the dollar  which seems to be in relentless decline - means chinese exports are cheap on world markets. china has thus far resisted international pressure to break the link or at least to shift the level of its peg. to some extent  the credit controls do seem to be taking effect. industrial output grew 15.7% in the year to october  down from 23% in february  and inflation slowed to 4.3% - although retail sales are still booming.