INFLATIONARY pressures will force the upcoming National People's Congress plenum to seek a compromise between overzealous investment plans and the need to curb spending. Xinhua (the New China News Agency), said yesterday main issues at next week's congress would be the necessity to ''create a consensus'' across the nation on how to balance the pace of economic growth and the need to intensify reform. It said inflationary pressure this year was enormous, and some regions were still overzealous in launching new projects. Furthermore, last year's capital investment of 1,300 billion yuan (HK$1,154.4 billion), excessive money supply in the past few years and price reforms would fuel inflation in the first half of the year, it said. Some enterprises might pass on to customers the increased production costs. Banks would also have to increase money supply because many construction projects already started would need to seek further funds to enable completion, Xinhua said. Quoting analysts, it said hyperinflation could be avoided this year if money supply and investment growth were curbed, and if there was a bumper harvest and the currency was stable. ''Under the present circumstances, the Government's anti-inflation efforts could be considered a success if annual inflation rate in 1994 is being kept below 12 per cent,'' it said. China's inflation rate for last year was 13 per cent. But inflation in 35 major cities last month grew by 23.3 per cent, compared with the same month last year. The communist leadership is anxious to keep inflation below 10 per cent this year. Xinhua outlined policies to be implemented to control inflation. These include keeping interest rates unchanged; controlling money supply, and increasing lending by banks. Official media said a deputy director of the State Administration of Taxation, Jin Xin, had blamed rising prices on several factors. ''Curbs on the impact of new price reforms on the price surge is inadequate to eliminate the hidden pressure on rises of prices,'' Mr Jin said. The senior tax official insisted that the implementation of the new tax reforms introduced since January 1 had been ''smooth, normal and better than expected''. The first 50 days of the tax reforms had seen an increase in industry and commerce tax revenue of 27 per cent over the same period last year, he said. Special invoices for the new value-added-tax had been issued and distributed across the nation. But he admitted that fake tax invoices have been found already in Guangzhou. Mr Jin said the tax department had discussed with law enforcement agencies the possibility of new laws to combat these illegal activities. He said such problems were yet to be fully exposed and warned against over-estimating the achievements of the tax reforms.