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The faster-than-expected acceleration in economic growth in the first half of the year makes it urgent for China to further tighten its macro controls.The economy surged by 11.9 percent in the second quarter, following 11.1 percent growth in the first quarter. Looking over the latest batch of economic figures, one finds reasons for optimism.For instance, retail sales expanded at a rate of 15.8 percent in the second quarter, after soaring 14.9 percent in the first quarter. Domestic sales grew by 16.0 percent in June compared with the previous month.Admittedly, consumption remains low as a share of gross domestic product. But the steady acceleration in domestic consumption, if it is sustained, will help the country rebalance its growth away from investment and exports.The fast growth of income is also good news for the country.The average income of urban residents increased by 14.2 percent year-on-year in the first six months, while farmers earned 13.3 per...

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