<tt id="6hsgl"><pre id="6hsgl"><pre id="6hsgl"></pre></pre></tt>
          <nav id="6hsgl"><th id="6hsgl"></th></nav>
          国产免费网站看v片元遮挡,一亚洲一区二区中文字幕,波多野结衣一区二区免费视频,天天色综网,久久综合给合久久狠狠狠,男人的天堂av一二三区,午夜福利看片在线观看,亚洲中文字幕在线无码一区二区
          News

          Home> News

          Central bank expects to maintain a 'prudent' monetary policy

          Updated: 2016-04-28

          ( China Daily )

          As Zhou Xiaochuan, People's Bank of China governor, spoke at the G20 gathering in Washington, he seemed more relieved than 50 days ago, when the last such gathering was held in Shanghai. Cascading fears about a hard economic landing for China had receded, replaced with improved growth momentum.

          Pressure on deflation and capital outflow had eased; commodity prices, which had plunged in the previous six months, staged a rebound. Zhou flagged these achievements at the meeting, especially the strong bounce in March. As a Xinhua report put it: "Positive signs are converging, boosting sentiment that the slowdown in the Chinese economy may be bottoming out."

          The governor reiterated that the central bank will maintain a "prudent" monetary policy, but be "flexible" and "appropriate" in its implementation. This is a nuanced shift from 50 days ago, when he pledged a "prudent" monetary policy with "a bias toward easing". That statement was widely reported and interpreted as the central bank's readiness to scale up liquidity injection if required.

          Actual credit growth in the first quarter dovetailed with what Zhou had implied. Quarterly new aggregate financing reached a new historical high of 6.59 trillion yuan ($1.01 trillion), 1.93 trillion yuan more than the same period last year. New loans extended by banks jumped to 4.61 trillion yuan, nearly 1 trillion yuan more than the same period last year. Bloomberg Intelligence Economics' China Monetary Conditions Index rose in March, hitting its highest level since September 2011, thanks to PBOC's strong pro-growth real interest rate stance, outstanding loans and real effective exchange rate.

          The upward track has lessened the need for further monetary easing, which is why Zhou didn't mention the "bias toward easing" this time, analysts said. In fact, the International Monetary Fund and several global banks have raised their outlook for China's GDP growth rate this year, after the first quarter. UBS and J.P. Morgan said they see no hope that the benchmark interest rate will be cut this year.

          While optimistic about China's short-term growth outlook, global banks see medium to long-term risk rising, as the first-quarter's rebound remained credit-fuelled. Nomura noticed that the incremental credit-output ratio-or how much new credit is needed to generate one unit of real GDP growth-jumped to a record-high of five in the first quarter because of the diminishing effect of credit.

          "The adoption of countercyclical macro policy is helpful to stabilize growth, but it comes at the cost of other policy objectives. In particular, the acceleration in credit growth in recent quarters suggested that the debt in the economy, especially corporate debt, will continue to move up," said Zhu Haibin, J.P. Morgan China chief economist.

          "This could lead to further deterioration of financial risks, especially without a credible resolution scheme, for example a bankruptcy scheme, to address the corporate debt problem."

          Even Zhou acknowledged there is a serious problem with China's debt, and has raised the issue several times in recent months. He warned corporate lending as a ratio to GDP had become too high and the country must develop more robust capital markets to mitigate that risk.

          China's corporate debt is the highest among major economies, amounting to 166.3 percent of GDP by the end of the third quarter, according to the Bank for International Settlement. However, Zhou noted that compared with countries without high saving rates, the ratio is not that high. China boasts the highest saving ratio at nearly 50 percent.

          主站蜘蛛池模板: 中文国产成人精品久久不卡| 日本夜爽爽一区二区三区| 亚洲天堂视频在线观看| 国产AV无码专区亚洲AWWW| 久久精品国产亚洲夜色AV网站| 在线国产综合一区二区三区| 亚洲深深色噜噜狠狠网站| 99久久精品久久久久久清纯| 日韩AV片无码一区二区三区| 国产成人亚洲综合91精品| 《特殊的精油按摩》3| 亚洲中文字幕国产av| 激情综合五月网| 亚洲综合小说另类图片五月天| 麻豆高清免费国产一区| 色成人亚洲| 69人妻精品中文字幕| 亚洲av无码一区二区乱子仑| 亚洲欧美牲交| 成人永久免费A∨一级在线播放| 黄色三级网站免费| 性虎精品无码AV导航| 国产精品亚洲av三区色| 国产99精品成人午夜在线| 国产欧美综合在线观看第十页 | 69天堂人成无码免费视频| 制服丝袜美腿一区二区| 久久久久成人片免费观看蜜芽| 少妇高清一区二区免费看| 一本一道av无码中文字幕麻豆| 377P欧洲日本亚洲大胆| 人人澡人人妻人人爽人人蜜桃| 国产成人精品中文字幕| 无码一区二区波多野结衣播放搜索| 久久精品夜夜夜夜夜久久| 亚洲成年轻人电影网站WWW| 亚洲AV成人无码精品电影在线| 精品人妻av综合一区二区| 噜噜噜噜私人影院| 日韩欧美视频一区二区三区| 亚洲av综合久久成人网|