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(Monetary Policy Research Working Group of The People's Bank of China)

Contents

Part One Monetary PolicyDevelopments

    1.    Monetary and Credit Performance

    2.   Major Monetary PoliciesMonetary policy and MeasuresOperations

    3.    Loan Concentration of Loans and Limited Credit Access Difficulties of Small and Medium-sized Enterprises in Getting

      LoansBusinesses

Part Two The Financial Markets

1.    FBasic Conditions of financial Market DevelopmentsOperation

2.    Impact of the Financial Markets on Monetary PoliciesMonetary policy

Part Three  Macroeconomic PerformanceDevelopments

1.    Macro Economic Situation

2.    KeySelected Issues in the Current Macro Economic Performance

3.    Impact of the "September 11" Event on the Global Economy and China's Economy

Part Four Industrial Analyses

1.  Automobile Industry

2.  Real Estate Sector       

Part Five Projections and Policy Suggestions

1.   Estimations on Major Macroeconomic IndicatorsProjections

2.   Policy Suggestions

Part One Monetary Policy

 The 3rd quarter of this year witnessed a generally healthy monetary and credit performance in China with moderate moderate increase in money supply, considerable growth in foreign exchange reserves, faster loans turnover, and sustained continued significant increase in household deposits. But the growth rate of money supply. obviously slowed down.                        

                

 1.  Monetary and Credit Performance                        

(1)   Increase in money supply slowed down but can generally meet the need of economic development.

  

At the end of September, broad money (M2 ) balance stood at RMB15.2 trillion yuan, up 13.6%  over the same period of last yeara year earlier, showing a decrease of decelerating by 0.4 percentage points as compared with the end of 2000, with the increasing rate remainingThe growth rate fell within the target of 13% -14% anticipated envisaged at the beginning of the year. ; Nnarrow money (M1) balance stood at RMB5.7 trillion yuan, up 12.3% over the corresponding period of last yeara year earlier, downdecelerating by 3.7 percentage points from the figure at the end of last year. The balance of cash in circulation (M0) stood at RMB1.51 trillion yuan, up 8.4% over the same period of last yeara year earlier, and downdecelerating by 0.5 percentage points from end-2000. The accumulated amount of cash increase of  injection in the past nine9 months was RMB41.2 billion yuan, down RMB2.7 billion yuan from that of the same period last year. A comparison between the increasing rate of broad money M2 and narrow money M1 and the sum of increase of GDP and CPI in the same period shows that the money increase was on the whole compatible with economy growth (see the diagram and table below).

(2)   Considerable fluctuation of increase in enterprise deposits and continuous significant growth in household deposits.                          

  

The end-total September-end balance of various deposits in financial institutions was RMB13.9 trillion yuan, increasing by 15.9%, 2.1 percentage points higher than that of the end of last year. Among this, cCorporate deposits increased 14.9 percent, showing a decreasedecelerating by of 7.5 percentage points compared with the same period of last year.  The amount increased in Corporate deposits  for the past 9 monthnine months wasincreased RMB468.1 billion yuan, RMB91 billion yuan less than the growth of the same period of last year, and the slowdown was mainly attributed to the decrease of RMB125.7 billion yuan deceleration in the increase growth of demand deposits.

   

At the end of September, the urban and rural household savings deposits balance stood at RMB7.1 trillion yuan, showing an increase of 12.7%, 6.2 percentage points higher than that of the same period of last year, and 5.7 percentage points higher than that of the last year- end. The amount increased reached RMB694.8 billion yuan, RMB306 billion yuan more than that of the same period of last year. The figure included an increase in demand deposits of RMB305.3 billion yuan, RMB26.8 billion yuan more than that of the same period of last year, and an increase in time deposits of RMB389.5 billion yuan, RMB279.2 billion yuan more than that of the same period of last year.

Table 1   Comparison Between the Growth Rates of M1 and M2 and Those of GDP and CPI ( %)