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E-mail China.org.cn, November 9, 2012
China will keep its current monetary policy next year as the Chinese economy shows signs of improvement, Zhou Xiaochuan, the governor of China's central bank, said Thursday in Beijing during the 18th National Congress of the CPC.
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China will keep its current monetary policy next year as the Chinese economy shows signs of improvement, Zhou Xiaochuan, the governor of China's central bank, said Thursday in Beijing during the 18th National Congress of the CPC. |
He said that October data shows signs of improvement, and economic trends are on an upward trajectory. China's October economic data is due to be announced on Friday.
His opinion echoed many analysts' observations that the worst may be over as the economy shows signs of bottoming out, despite Q3 economic growth hitting 7.4 percent in the third quarter, its worst performance in over three years.
Premier Wen Jiabao said last month at a meeting of the State Council that "growth has started to stabilize amid positive changes in the third quarter."
"Monetary policy will keep continuity and stress will be put on targeted focus and flexibility next year," Zhou said to reporters.
Zhou said China's economy will be affected by both external and domestic factors next year. He went on to amplify the point, saying that the external influence on China looms large but how much the influence will be is uncertain.
Yet he added that there is still room for adjustment of monetary policy to cope with global uncertainty.
The World Bank and the IMF predicted a downward trend for next year's global economy, and many uncertainties still remain.
The People's Bank of China, China's central bank, cut benchmark interest rates in June and July to bolster the economy for which the central government set a goal of 7.5 percent growth rate for this year.
Zhou Xiaochuan has been the PBOC governor for 10 years, and he oversaw monetary system reform during his tenure including the listing of Agricultural Bank of China.
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