Former president's book comes amid backlash over foreign investment A state publishing house has produced a book of former president Jiang Zemin's writings and speeches on economics. The move, which comes amid a conservative backlash against economic reform and foreign investment, is likely to raise eyebrows and prompt speculation about the extent of Mr Jiang's continuing influence in retirement. Major government-backed newspapers yesterday published excerpts from Mr Jiang's Opinions on the Socialist Market Economy. The timing of the publication is curious. Officials and academics with links to the government have recently raised the alarm about foreign investment in the banking and retail sectors. The government has shelved a law which would have given greater protection to privately owned assets, in a setback for the market economy. Mr Jiang's administration presided over rapid economic growth and showed a friendly attitude towards foreign investors. The administration of President Hu Jintao and Premier Wen Jiabao has placed more emphasis on sustainable growth and catering to segments of society left behind by the economic boom. This week the central bank raised interest rates for the first time since 2004, amid worries about economic overheating, though analysts say the move was moderate and will not do much to dent growth. In 1995, Mr Jiang wrote that China needed foreign investment, but the government had to retain control. 'We must be clear on one principle: the power for the initiative of using foreign investment must, from start to finish, be firmly in our own hands.' While touring Guangdong, one of the first regions to benefit from overseas investment, he said China should seek to attract a suitable amount of foreign investment while developing its own intellectual property. In a speech in 2000, he described globalisation a double-edged sword and called on western countries to give fair treatment to less-developed nations. Mr Jiang and his followers have sought to burnish his image as an elder statesman by enshrining his political thought in a similar manner to revolutionary leaders Mao Zedong and Deng Xiaoping . The release of the book follows speculation that the power of Mr Jiang and his 'Shanghai Gang' of leaders was on the wane. Vice-Premier Huang Ju , Shanghai's former Communist Party secretary, is ill with cancer, which political analysts say could further weaken the group. Parts of the book echo themes embraced by the current administration, such as environmental protection and rural reforms. 'We can't go down the road of wasting natural resources and polluting first, then cleaning up later,' Mr Jiang said in 1996.