National Development and Reform Commission (NDRC) estimated China's GDP growth to be 10.4 percent for the first six months of the year, but macro control measures need to be practiced, People’s Daily reports. Highlighting excessive lending and investment in the past six months, it warns over-investment would be damaging in the long term. The report said that the central bank's move to raise the benchmark lending rate by 27 points in late April and the recent 0.5 percent rise of the reserve ratio for commercial banks were not enough to curb the excessive lending. A mild increase in the interest rate for both deposits and lending is suggested by the report, with the rate up by 0.25 percent for each round of adjustment. This will not only help to restrain oversupply in both money and products like steel, cement and others, but also leave more space for further economic readjustment in the future. NDRC expects if China's economic growth to maintain the healthy trend of high growth rate and low inflation this year, yearly GDP is expected to be up 10.2 percent.