ZHOU Xiaochuan
December 31, 2008
On the eve of the new year, I, on behalf of the CPC Committee of the People’s Bank of China, would like to wish every member of the PBC family afruitful, peaceful and happy new year, extend my sincere gratitude for your devotion in 2008, and deliver my best regards and heart-felt respect for thePBC employees that are still reporting to work on the festive occasion and their family members!
In the concluding year of 2008, China’s economic developmen thas undergone severe challenges and tests. Being faced with the impact caused by the rarely-seen snow and sleet disaster, the Wenchuan Earthquake, the sluggish growth of global economy and the outbreak of international financial crisis, the PBC, with the leadership of the CPC Central Committee and the State Council, the guidance of the DENG Xiaoping Theorem and the Three Represents, following the Scientific Approach to Development, has made remarkable achievements by facing square all the difficulties and taking a down-to-earth working approach.Since the commencement of the year 2008, the PBC has, in a timely manner,adjusted the focus, intensity and rhythm of monetary policy and adopted aseries of flexible and effective measures to handle the impact caused by the international financial crisis, promoting the smooth and rapid development of nationale conomy; deepened the financial reform, improving the competitiveness and the risk management capability of the financial sector and safeguarding the stability and safety of China’s financial system; further improved the financial market infrastructure and institutional framework, promoted the opening-up and exchange of the financial market, expedited the innovation offinancial products, and thus enabling the healthy and stable development of the financial market in a pro-innovation and well-regulated environment; continued to deepen foreign exchange reform, improve the exchange rate formation mechanism and beefed up the supervision and regulation of foreign exchange,applying a scientific and standardized approach to foreign exchange management;strove to improve the legal system and the application of IT concerning financial service and management, bettered financial infrastructure, service facilities and service system, and thus contributed to notable improvement ofthe quality and efficiency of financial service; conducted in-depth campaigns to study and practice the scientific approach to development, strengthened the work of the Party, personnel management and the anti-corruption campaign in an all-round manner in order to enhance the practical ability of realizingscientific development and continuously raise efficiency.
The year 2009 marks the 60th anniversary of the People’s Republic of China, and a key year for the implementation ofthe 11th Five Year Plan. The financial macroeconomic management is very important for overcoming the impact of the international financial crisis,maintaining the balance between reform, development and stability, realizing the targets defined in the 11th Five Year Plan and building awell-off society in an all-round manner. The PBC will implement the guiding principles of the 17th Party’s Congress and the 3rd Plenumof the 17th CPC Central Committee, take the DENG Xiaoping Theorem and the Three Represents as guidance, adopt the scientific approach to development,strengthen confidence and cope with challenges in accordance with the arrangements made at the Central Economic Work Conference, continue to carry out flexible and prudent financial policies of macroeconomic management,deliver more scientific and effective macroeconomic management, deepen financial reform, maintain financial stability, promote the innovation of financial products and the development of financial market and improve financial service, so as to foster a favorable financial environment foreconomic and social development, and promote the stable and relatively fast development of national economy.
