CHINA'S economy is heading for a soft landing due to the success of its macro-control measures, and a double-digit growth rate is expected next year, says a senior official at the Bank of China (BOC). Zheng Bailin, deputy chief executive of the BOC Hong Kong and Macau Regional Office, told an Asian Bankers' Association dinner yesterday the macro-control measures would be effective in a few months. He said malpractices in excessive fund-raising and over-lending had basically been brought under control. ''The yuan exchange rates and people's savings deposits are now on the rise; growth of investments is slowing down; bottle-necks are being alleviated and climbing retail prices have been curbed,'' he said. ''All this indicates that the Chinese economy is successfully making its soft landing on schedule, and it is expected to complete its economic rectification before long.'' Mr Zheng said the initial success of the control measures had paved the way for further reforms in a better economic environment. ''The Chinese Government is determined to quicken its pace in the next stage of reform so as to realise early the transition from the double-track system to the new system of a socialist market economy and to eradicate the bondage of the old system and the harassments of economic cycles,'' he said. He said China aimed first to stage micro-reforms to ensure proper operation of a market mechanism and to change the way state-owned enterprises were managed, to pave the way for a modern corporate system. Secondly, the market-related reforms were aimed at training and perfecting the labour, financial, technological and information market elements, and enlarging the commodities market network. ''Thirdly, [we will] reconstruct macro-controls of the market economy to set up a strong macro-control system, relying mainly on economic means, to be achieved by reform breakthroughs in areas of finance, taxation and investment,'' he said. Mr Zheng, who is also general manager of the Kwangtung Provincial Bank in Hong Kong, said the focal points of the reform of the financial system included strengthening the macro-controls of the People's Bank of China and converting state-owned specialised banks into commercial banks. Further reforms in public finance and taxation were aimed at implementing a system for public revenue allocation - revenue sharing and tax management by various levels so as to put in order the distribution relationship between central and local governments, he said. Mr Zheng anticipated that China's economy would record a growth rate of eight to nine per cent each year by 2000. ''It is estimated that by virtue of such growth, by 2000 China will be the greatest economy of the world,'' he said. China's great potential would also spur growth in the Asia-Pacific region, making it the fastest growing and most active part - an economic pole - of the world economy, he said. Mr Zheng said the deepening of reform and quickening of development in China would fuel another surge in foreign investment, and demand for credit and finance services would increase accordingly.