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Mix-Ansicht- PBoC defines '05 policy - CRASH_GURU, 05.01.2005, 13:38
PBoC defines '05 policy
-->Central bank defines '05 policy
Zhou Xiaochuan, Governor of the People's Bank of China, sets the growth of this year's money supply, including both the narrow money M1 and broad money M2, at 15 percent. He expects 2.5 trillion yuan loans grants from all financial institutions in 2005.
At a work conference in Nanning, Guangxi Zhuang Autonomous Region in south China on January 4, Zhou presented his blueprint for the central bank in 2005.
He highlighted two agendas for 2005. One is to consolidate and improve the financial control. This means the central bank will instruct financial institutions to beef up their adjustment on credit structure while keeping an appropriate aggregate. He pledged to continue to guard against any sharp fluctuation of the national economy and runaway price hikes.
The other is to make the reform the driving force for the progress of the financial sector. He firmly believes that reform is the solution to systematic problems which hinder the development of the financial sector and harm the financial stability.
It is for these considerations that he arranges the tasks for 2005.
He reiterated the commitment to the prudent fiscal policy and deeper reform on the financial sector. He particularly mentioned the real estate sector which he said would be put under close watch.
He urged to promote innovation of financial products and market development, secure a stable financial system, and push the reform on the mechanism of RMB exchange rate forward in a positive and prudent way while keeping the Chinese currency basically stable at a reasonable and equilibrium level.
He promised to deepen the reform on a market-oriented interest rate regime and give the interest rate a full play in leveraging the national economy. He required to launch the pilot project of incorporating fund management companies and securitizing credit assets.
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