The MonetaryPolicy Committee of the People’s Bank of China (PBC) held its third quarterlymeeting of 2007 in Beijing days ago.
It was noted thatthe Chinese economy has continued to display a steady and fast growth momentumin the third quarter of this year. Following the guidance of the CommunistParty of China’s Central Committee and the State Council, the PBC closelymonitored economic and financial developments while at the same time strengtheningthe preemptiveness of monetary policy by applying a mix of policy measures toimprove financial macro control and preserve balances at the aggregate level.Despite the fact that volatilities in the USsubprime mortgages market have caused turbulences in the internationalfinancial market recently, the impact was so far quite limited on China. The economic and financial performance has broadlyremained in sound situation. In the coming periods, close attention should bepaid to the impact of the US subprime mortgages market turbulence onthe international financial market and its potential impact on the Chineseeconomy.
The Committeeconducted in-depth analysis of the current economic and financial developmentsboth at home and abroad, noting that while the Chinese economy broadly remainedin sound situation, problems of excessive growth of investment, overly largesurpluses recorded in foreign trade and more than desired expansion of creditstill existed. Furthermore, inflationary pressures are also building up andasset prices are rising persistently. The Committee called for advancedanalysis of the reasons and rationales behind the rapid increase of consumerand asset prices level by specifically identifying the roles of aggregatefactors, structural factors, international transmission and revaluation in sucha process so that relevant responses could be prepared. Efforts should be madeto fully implement the scientific development approach by improving andcarrying out each macroeconomic policy and continuously strengtheningmacroeconomic management to prevent a shift from a relatively fast growth to aneconomic overheating and ensure a sound and rapid development of the Chineseeconomy. Appropriate measures should be taken to improve coordination of the monetarypolicy with fiscal policy, industrial policy, trade policy and financialregulatory policy, accelerate economic restructuring as well as thetransformation of economic growth pattern, improve growth quality andefficiency and promote a basic equilibrium of the balance of payments.
Weighing monetarypolicy stance and measures for the coming periods, the Committee holds the viewthat the sound monetary policy featuring a steady and moderate tighteningshould be continued while efforts need to be made to further improve theforward-looking, scientific and effective approach in the making of monetarypolicy. Measures should be applied to strengthen policy coordination (such asinterest rate and exchange rate policies) between the local and foreigncurrencies, enhance liquidity management of the banking system, improve policyinstrument innovation and appropriately strengthen policy adjustment to keepmoney and credit grow at reasonable speed. Besides, forceful actions should betaken to push ahead financial reform and innovation to improve competitivenessof financial institutions and efficiency of the financial market in resourceallocation. Improvement of the managed floating exchange rate regime should be effected,continuously following the principles of “self-initiated, controllable andgradualistic”. Market supply and demand of foreign exchange should be allowedto play a greater role in the process of increasing RMB exchange rateflexibility, with a view to keeping the RMB exchange rate basically stable atan adaptive and equilibrium level.
Mr. ZhouXiaochuan, Governor of the PBC and Chairman of the Monetary Policy Committeechaired the meeting. Other Committee members present at the meeting includedMr. Li Yong, Ms. Wu Xiaoling, Mr. Su Ning, Mr. Xie Fuzhan, Mr. Liu Mingkang,Mr. Shang Fulin, Mr. Wu Dingfu and Mr. Fan Gang. Mr. Jiang Chaoliang providedwritten opinions. Mr. Zhang Ping, Mr. Zhu Zhixin and Ms. Hu Xiaolian were onbusiness trip and did not attend the meeting. Presidents of the PBC NanjingBranch, Wuhan Branch and Chongqing Operations Office also joined the meeting.
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