Beijing will begin discussing possible policy adjustments following signs of slowing in the mainland economy, according to analysts with China International Capital Corp. While the government will continue to voice support for the macroeconomic measures, it may 'adjust the exit strategy', the economists, led by Ha Jiming, said in a note to clients. This could include accelerating the approval of investment projects, reducing macro intervention in the real estate market and loosening liquidity controls, while keeping interest rates and the required reserve ratio unchanged, according to the note. Beijing-based CICC, a major mainland investment bank, forecast the macroeconomic policy shift after the mainland released second quarter data last week that showed economic expansion eased to 10.3 per cent from 11.9 per cent in the January to March period. 'The recent intensive inspection tours conducted by the top leadership seem to suggest that it has changed its views about the current economic situation, which is likely to lead to policy adjustments,' the CICC report said. During a trip to Xian in Shaanxi province last weekend, Premier Wen Jiabao visited companies, research institutions and low-income housing communities. Wen said the global economy was recovering at a slow pace and the mainland should expand domestic demand and stabilise external demand, Xinhua reported. The mainland has relied heavily on fixed-asset investment to boost economic growth. In a bid last year to offset export sluggishness, it launched a 4 trillion yuan (HK$4.54 trillion) stimulus package including infrastructure construction projects. When the economy recovered and overheating risks loomed, it slowed approvals for new investment projects this year. 'The slowdown has been proactively induced by the policy tightening. Therefore, the government can relatively easily boost growth by simply loosening some of the measures including the overall credit quota,' Yu Song and Helen Qiao said in a Goldman Sachs research note. 'Policymakers will loosen policy because 'safeguarding growth' will become a more pressing task than making structural adjustments to the economy such as controlling pollution which has a tightening effect.' Mainland officials attach great importance to gross domestic product growth figures because they affect their performance, job creation and social stability. There has been speculation since July that Beijing's property tightening measures were coming to an end when the property market started to cool. In June, average property prices in 70 large cities declined by 0.1 per cent from the May level, the first drop since February 2009. Various media reports have questioned the accuracy of the statistics. Some investigative reports said banks in Shanghai and some other cities never obeyed the regulator's instructions to stop extending loans to third-home buyers. However, the banks' headquarters denied the reports and several ministries reaffirmed their determination to crack down on speculative property buying.