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China ends loose monetary policy to fight inflation
By Wang Yanlin |
December 3, 2010, Friday
|
Online Edition
Online Edition
CHINA announced a prudent monetary policy stance today, ending a relatively loose one adopted after the global financial crisis.
Macroeconomic policies will become more targeted, more flexible and more effective, paving way for China to tighten lending controls and raise interest rates.
The decision was made during a meeting attended by top leaders of the Chinese Communist Party, or Politburo, and presided by President Hu Jintao.
Meanwhile, China will maintain its proactive fiscal policy, reflecting the government's wish to continue to encourage investment for sustaining growth, while take tightening monetary measures to cool inflation.
It was in line with the market expectation that Chinese policymakers would soon announce such a stance shift and Politburo's endorsement marks a decisive turning point.
Macroeconomic policies will become more targeted, more flexible and more effective, paving way for China to tighten lending controls and raise interest rates.
The decision was made during a meeting attended by top leaders of the Chinese Communist Party, or Politburo, and presided by President Hu Jintao.
Meanwhile, China will maintain its proactive fiscal policy, reflecting the government's wish to continue to encourage investment for sustaining growth, while take tightening monetary measures to cool inflation.
It was in line with the market expectation that Chinese policymakers would soon announce such a stance shift and Politburo's endorsement marks a decisive turning point.
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