While refusing to allow the RMB to appreciate much faster than 4-5 per cent a year, Beijing has taken steps lately to reduce incentives for exports, especially of steel and textiles. But China-based economists played down the likelihood of acceleration of policy measures, saying high growth rates were exactly what was wanted by leaders eager to see the benefits of economic growth spread. This will make the Communist party leadership happy – it's hard to create a ‘harmonious society' without strong growth and job creation.