Zhou expects economy to grow steadily and inflation to be mild
Print Edition
ECONOMIC indicators suggest that the Chinese economy will continue to expand at a steady pace, while inflation is expected to stay mild amid a stable macro-economic environment, China’s central bank governor said at a meeting of the International Monetary Fund’s policy-setting committee.
China’s real gross domestic product grew 7.4 percent in the first half of this year, while inflationary pressure remains subdued, with the year-on-year CPI increase at 2.2 percent and PPI at minus 1.6 percent in the first eight months, Zhou Xiaochuan, governor of the People’s Bank of China, told the 30th Meeting of the International Monetary and Financial Committee on Saturday.
Chinese authorities would keep consistent and stable macro-economic policies in order to sustain growth at a reasonable rate, promote employment and guide inflation expectations, he noted.
China will continue to practice appropriate credit and prudent macro policies to ensure reasonable growth in money, credit and social financing, he said, adding that it will continue to implement a proactive fiscal policy while keeping the deficit ratio flat.
Meanwhile, China will propel structural adjustments and reforms, he added.
China will continue to carry out market-based interest rate reform, further refine the yuan exchange rate reform, promote the role of the market in its capital market, and deepen reform of the fiscal system, state-owned enterprises and financial institutions, the PBOC governor said.
Regarding the IMF reforms, Zhou said: “We are deeply disappointed with the lack of progress in implementing the 2010 quota and governance reforms since the last meeting, and that the IMF continues to rely on provisional borrowing arrangements to boost its lines of defense.”
Zhou urged the US to ratify the 2010 reforms expeditiously to ensure that the IMF has the required legitimacy and credibility to promote cooperation, as well as the capacity to respond to future crises.
The reform plan includes a doubling of IMF quotas and a shift in quotas to dynamic emerging markets and under-represented countries, and a proposed amendment to reform the executive board that would facilitate a move to a more representative and fully elected 24-member board.
Most of the IMF’s 188 member nations have approved the reform package, while opposition from the US Congress have blocked the US, which has the largest voting share on the IMF board and unilateral veto power over IMF decisions, to ratify the deal.
If the reform package is implemented, four large emerging economies — China, India, Russia and Brazil — will all become top-10 shareholders of the Washington-based global lender.
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