PRESIDENT Jiang Zemin has revised patriarch Deng Xiaoping's high-growth policy in order to ''avert major upheavals'' in the country. In an unusually frank appraisal of the socio-economic situation, Mr Jiang called for a full-scale campaign to cool down the economy. Mr Jiang's latest instructions, which have been interpreted as an indirect critique of Mr Deng's views, will be published in this month's issue of the Chinese-funded Hongkong magazine, Bauhinia. ''The central authorities have raised [the slogan of] preventing the economy from overheating in order to avert major upheavals and major losses,'' said Mr Jiang, who nonetheless admitted that ''small-scale shocks are inevitable''. Referring to the excessively ambitious goals of the regions, Mr Jiang said: ''Economic development must be based on objective reality. Places which have the qualifications can go as fast as they like. Those that do not yet have the qualifications should not force themselves.'' He added that a ''relatively high speed of development'' must be achieved in tandem with a ''rational economic structure'' and with a balanced growth between various geographical and economic sectors. Mr Jiang cited three problems. First, he said, efforts must be made to crack down on corruption, especially the phenomenon of ''exchanging power for money''. Second, income disparity between the coast and the hinterland, and that between the rich and the poor, must be narrowed. Third, Mr Jiang indicated, inflation must be tamed, and adequate levels of prices, interest rates and foreign exchange rates must be sought. In an apparent reference to Mr Deng's four-month-old dictum about ''seizing the opportunities'' for fast growth, Mr Jiang said: ''Seizing the opportunities and speeding up development must be done on the premise of China's actual conditions of the moment. ''We must insist on the synthesis of the liberation of thought and seeking truth from facts,'' he said. Apparently with the Great Leap Forward of the late 1950s in mind, Mr Jiang added: ''We must take the lesson from the various major economic ups and downs in history.'' The party chief added only then could a party member implement Mr Deng's instructions ''in a comprehensive, correct and positive manner''. China sources said Mr Jiang was subtly repeating the criticism that conservative leaders including Chen Yun had levelled against Mr Deng's ''high growth model''. ''By saying that cadres should interpret Deng's instructions in a comprehensive and correct manner, Jiang is in fact revising them,'' a source said. Mr Deng, who rekindled reform with his trip to Guangdong province early last year, had until the spring refused to admit the economy was overheated.