GUANGZHOU Shipyard International is expected to raise about 100 million yuan (about HK$134 million at the official rate) from Shanghai's A share market by the end of next month, according to Guangzhou senior vice-mayor Chen Kaizhi. But the company's flotation on the A and H share markets had yet to be approved by mainland authorities, said managing director Ren Fuwei. Mr Chen said worries of an economic overheating in China were misplaced. He said the concern was based on the experience in 1989 when there was panic buying, but history would not be re-enacted. ''Our leaders now have the experience to deal with such issues. They would take regulatory measures upon signals of overheating,'' he said. One measure was control of the scale of infrastructure projects to control prices of construction materials, which had risen drastically after supreme leader Deng Xiaoping's trip to southern China last February, said Mr Chen. ''But that is not to say we won't approve all big projects. Each of them will be considered individually,'' he said. Main projects such as the underground railway would definitely go ahead, with bidding results hopefully announced later this month, he said. Prevention of inflation would also be achieved by strengthening price control and more frequent monitoring of prices to block huge rises. ''With these measures in place, [high] inflation and economic overheating can be avoided,'' he said. He said Guangzhou's economy was not overheated, with growth in consumer spending steady. ''There is no panic buying. Some people are buying gold jewellery [in bulk] to keep value, but they don't buy everything in a frenzy,'' he said.