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November 12, 2009

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Home » Business » Economy

PBOC seeks to maintain balance

CHINA'S central bank yesterday said it will step up efforts to balance inflation perception and economic growth as it continues to implement the relatively easy monetary policy.

"We will make the policy more flexible and sustainable and keep policy abreast with economic climate and price changes," the People's Bank of China said in the latest quarterly monetary policy report.

As the economy recovers with easy credit, we will closely watch the price changes and keep them stable in the long run, it said.

Chinese banks lent a record 8.92 trillion yuan (US$1.31 trillion) in the first 10 months, far exceeding the 5-trillion-yuan annual target, to fuel the economic recovery.

The report said the nation's stimulus package implemented since November last year had held back price falls and eased deflation fears. However, the loose credit conditions across the globe also pushed up commodity and asset prices, which shaped "a certain perception for inflation."

The PBOC noted it will keep the credit growth at a "reasonable" pace and make it "sustainable and balanced."

The report also said investment projects should be "reasonably" planned, and private business should be given more support.

Market should play a bigger role in the resource allocation to make the economic growth dependent on its own vigor other than outside forces, the report said.


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