Days ago, the CPC Committee of the People’s Bank of China (PBC) held a meeting to deliberate on and make plans for implementing the spirit of the recently held Central Economic Work Conference in the new situation, so as to continue to implement the prudent monetary policy and promote the stable and healthy development of the national economy. Governor Zhou Xiaochuan, as the Secretary of the PBC CPC Committee, presided over the meeting and gave a keynote speech, and other members actively participated in the discussion.
Zhou Xiaochuan pointed out, immediately after the Central Economic Work Conference, the PBC CPC Committee convened an expanded meeting to convey and study the spirit of the Conference. This meeting was aimed, through in-depth study and deeper understanding, to profoundly and accurately grasp the essence of the Central Economic Work Conference, further build consensus, raise awareness, and improve the self-consciousness and determination in implementing the deployments of the CPC Central Committee.
Zhou stressed that the Central Economic Work Conference made an in-depth analysis of the current complex and volatile international political and economic environment as well as new situations in domestic economic performance, profoundly expounded top priorities that the economic work must hold on for the time being and some period going forward, and clearly pointed out the direction for the upcoming year’s economic work, which is of great significance to build consensus, gather strength, consolidate the good momentum of economic and social development, effectively resolve potential risks in economic performance, and promote the sound and relatively fast economic growth.
Zhou required that, in 2012 the PBC should adhere to the principle of “making progress while maintaining stability”, follow the theme of scientific development and accelerating transformation of economic growth pattern, firmly implement the four tasks, i.e., to expand domestic demand, to develop the real sector, to deepen reform and promote innovation, and to safeguard and improve the livelihood of people. Efforts should be made to continue to implement the prudent monetary policy, focus more on the targeting, flexibility and forward-looking nature of the policy, analyze and take stock of lessons from the global financial crisis, manage the intensity, pace and priority of macroeconomic management, and properly handle the relationship among maintaining stable and relatively fast economic growth, adjusting economic structure and managing inflation expectations. By using a combination of multiple policy tools, and in line with principle of differentiated treatment to different sectors, the PBC will vigorously guide the optimization of the credit structure, step up financial support to key areas and weak links in the economy, and keep all-system financing aggregates at reasonable volumes; continue to deepen the financial system reform, steadily promote the financial market development and market-based reform of the interest rates, further improve the RMB exchange rate regime, strengthen and improve the administration of foreign exchanges, and effectively upgrade financial services and management.
There was a clear consensus among members of the PBC CPC Committee that the PBC system will effectively implement the overall arrangements of the CPC Central Committee, focus on priorities, take a comprehensive approach, do a good job in promoting financial reform, development and stability, and contribute to the building of a moderately prosperous society.
