PBOC says reforms to keep GDP on track
Source: Xinhua |
November 3, 2012, Saturday
|
Print Edition
Print Edition
CHINA'S central bank yesterday vowed to keep the monetary environment stable in the months ahead.
"The preemptive fine-tuning of macro policies and the structural reform measures are gradually taking effect, and the economy is expected to stay steady and see relatively rapid growth," the People's Bank of China said in its latest monetary policy report released last night.
The PBOC said China's economic growth has been affected by structural and cyclical factors, thus making the tasks of economic restructuring and changing the development pattern "very pressing."
The central bank warned that the Chinese economy is still facing a "complicated" environment at home and abroad, as external demand remains weak due to the lingering impact of the global financial crisis and domestic momentum for intrinsic growth needs to be consolidated.
Growth slowed
China's GDP growth slowed to 7.4 percent in the third quarter of the year, marking the seventh consecutive quarter of decline.
The PBOC noted that China is still in the process of urbanization, informatization, industrialization and agricultural modernization, but the fundamental factors that support steady and rapid economic growth remain basically unchanged.
China will focus on maintaining stable monetary conditions while striking a balance between economic growth, price stability and risk prevention, the report said.
The country needs to handle the relationship between maintaining stable and relatively fast growth, adjusting the economic structure and managing inflation expectations.
While priority should be given to stabilizing growth, the government will continue with its prudent monetary policy, making it more targeted, flexible and forward-looking with more fine-tuning methods, the report said.
The government will maintain market liquidity at a reasonable level by using combined monetary tools and improving the macro-prudential policy framework.
The government will also push forward the market-based reform of interest rates and further improve the exchange rate formation mechanism of the yuan and make the currency more flexible.
"The preemptive fine-tuning of macro policies and the structural reform measures are gradually taking effect, and the economy is expected to stay steady and see relatively rapid growth," the People's Bank of China said in its latest monetary policy report released last night.
The PBOC said China's economic growth has been affected by structural and cyclical factors, thus making the tasks of economic restructuring and changing the development pattern "very pressing."
The central bank warned that the Chinese economy is still facing a "complicated" environment at home and abroad, as external demand remains weak due to the lingering impact of the global financial crisis and domestic momentum for intrinsic growth needs to be consolidated.
Growth slowed
China's GDP growth slowed to 7.4 percent in the third quarter of the year, marking the seventh consecutive quarter of decline.
The PBOC noted that China is still in the process of urbanization, informatization, industrialization and agricultural modernization, but the fundamental factors that support steady and rapid economic growth remain basically unchanged.
China will focus on maintaining stable monetary conditions while striking a balance between economic growth, price stability and risk prevention, the report said.
The country needs to handle the relationship between maintaining stable and relatively fast growth, adjusting the economic structure and managing inflation expectations.
While priority should be given to stabilizing growth, the government will continue with its prudent monetary policy, making it more targeted, flexible and forward-looking with more fine-tuning methods, the report said.
The government will maintain market liquidity at a reasonable level by using combined monetary tools and improving the macro-prudential policy framework.
The government will also push forward the market-based reform of interest rates and further improve the exchange rate formation mechanism of the yuan and make the currency more flexible.
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