CHINA'S economy is unlikely to speed out of control in 1994 the way it did in the first half of this year, says Eddy Li, president of the China-Hong Kong Economic and Trade Association. ''The Chinese Government has revised its growth target and other indicators downwards,'' Mr Li told a Rotary Club luncheon yesterday. Investment in fixed assets would grow by 24 per cent next year, nearly half of this year's rate, he said. The extremely high full-year growth of 46 per cent was the key cause of high inflation in 1993, he said. Mr Li said the macro-economic adjustment programme introduced in the second half of this year would continue next year. This would ensure that growth and the inflation rate could be kept under control. Reforms in taxation, banking and state enterprises next year would bring about a healthier framework for foreign investments, he said. Instead of going into China to set up new factories, foreign investors could buy into existing state enterprises and turn them into profitable ventures. He said Foreign Exchange Certificates (FECs) would have no practical use once the official and swap rates of the yuan were merged next year. ''China has said it will merge the two rates for big corporations next year. And when that's done, I don't see any practical use for the Foreign Exchange Certificates,'' said Mr Li. FECs, whose rate more or less equals that of the official yuan rate, are mainly used by foreigners to settle bills in hotels, restaurants and some shops in China. But many of these establishments are prepared to accept payments in yuan by adding a surcharge of between 15 and 30 per cent for services or goods denominated in FECS. Mr Li said despite rumours of the FEC abolition for the past few years, this was not done partly because Beijing feared that the removal would spark inflation.