PBOC seeks curbs on asset bubbles
Print Edition
CHINA’S central bank yesterday stressed efforts to curb asset bubbles as it recognized the increasingly challenging task to seek a balance between stabilizing growth and preventing froth.
In its latest policy report, the People’s Bank of China highlighted the mission to control asset bubbles to guard against financial risks, while ensuring adequate liquidity to create conditions for advancing structural reforms.
China will stick to a prudent monetary policy, with an appropriate degree of flexibility and timely preemptive adjustments, the PBOC pledged.
More emphasis will be given to reforms and innovation to allow the market to play a decisive role in resource allocation, the report noted, calling for more efforts to guide the money flow to the real economy.
While acknowledging the positive changes in China’s growth, the report said the economy still relied heavily on the property market and infrastructure investment, and weak private investment has curbed growth.
China’s economy grew 6.7 percent in the third quarter, holding steady with the first and second quarters and boosting sentiment this year’s annual growth target of 6.5 percent to 7 percent is achievable.
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