Days ago, the 3rd quarterly meeting of Monetary Policy Committee was held in Beijing.
The participants analyzed the economic and financial developments at home and abroad. In their view, both the real economy and the financial sector in China was moving in the direction intended by the macro-economic management policy, though the external environment remained complex with the world economy slowly recovering amongst a multiple of risk factors; the Chinese economy had continued its stable and fairly rapid growth with inflation pressure moderated but remaining high.
It was emphasized at the meeting that it was necessary to follow the latest developments in global economy and financial market and their impact, to continue the implementation of a prudent monetary policy, to give top priority to inflation control, to make macro-economic management more targeted, effective and forward-looking, and to manage the pace and strength of policies. At the next stage, a mix of multiple monetary instruments will be used and macro-prudential policy framework will be improved to effectively manage liquidity and to keep all-system financing aggregate and money aggregates at reasonable levels. Great efforts will be made to optimize credit structure, to facilitate further industrial restructuring, to guide financial institutions to improve financial services and enhance support to transformation of economic growth pattern. The role of direct financing will be further tapped to meet the diverse demand for investment and financing. The RMB exchange rate regime will be further improved to keep.
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