Global EditionASIA 中文雙語Fran?ais
    Business
    Home / Business / Finance

    Q3 data may reflect recovery momentum

    By Chen Jia | China Daily | Updated: 2020-10-15 09:04
    Share
    Share - WeChat
    A clerk counts cash at a bank in Nantong, Jiangsu province. [Photo/Sipa]

    Prudent, flexible monetary policy and targeted steps to sustain growth pace

    China's economy is projected to recover further during the third quarter and clock a higher GDP growth rate on the back of the prudent, flexible monetary policy and targeted measures to sustain the recovery, central bank officials said on Wednesday.

    Given the optimistic economic projection, China's policy rates and the benchmark lending rate-the loan prime rate-h(huán)ave remained stable and match the economic fundamentals, Sun Guofeng, head of the monetary policy department of the People's Bank of China, the central bank, said on Wednesday.

    The central bank will use various policy tools in the ensuing months to maintain reasonable growth of broad money supply and aggregate financing, said Sun.

    China's broad money supply, or M2, increased by 10.9 percent on a yearly basis to 216.41 trillion yuan ($32.13 trillion) by the end of September, compared with 10.4 percent in August and 8.4 percent in September 2019.

    New yuan loans rose by 13 percent from a year earlier by the end of September, a growth rate that remained unchanged on a monthly basis. Aggregate financing, a broader measure of financing for the real economy, including government bonds, reached 280.07 trillion yuan, up 13.5 percent, according to PBOC data.

    Ruan Jianhong, head of PBOC's statistics and analysis department, said the financial data suggest a "reasonable" growth rate of money supply and aggregate financing that is not "too fast". However, the macro leverage level, or the debt-to-GDP ratio, might have increased because of the counter measures to mitigate the impact of the COVID-19 pandemic.

    During the first three quarters, yuan-denominated loans rose to 16.26 trillion yuan, while the macro leverage ratio is likely to increase by 8.1 percentage points this year, which is also the average annual growth rate since 2017, according to Ruan.

    "We expect that China's GDP growth will continually accelerate in the third quarter, which will help maintain a reasonable macro leverage level," she said.

    PBOC Governor Yi Gang said in an article published in China Finance over the weekend that the nation will maintain "normal" monetary policy for as long as possible, make sure the liquidity remains ample, and facilitate reasonable growth of money supply and social financing.

    At the quarterly meeting of the PBOC monetary policy committee, banking authorities called for the monetary policy to be "more precise and targeted", to make full use of structured monetary policy tools and increase the "directness" of its policies, in order to better balance the goals of long-term economic stabilization and risk control.

    Since China maintained a conventional monetary policy and avoided too much of policy easing, interest rates remained at a relatively higher level compared with many advanced economies, while inflation expectations were modest during the recent months, said experts.

    "Market expectations about China's growth appear to have improved significantly from March onward and are at late-2019 levels, manifesting a true V-shaped (economic recovery)," said Shan Hui, an economist with Goldman Sachs (Asia), in a research note. "But re-pricing in rates since May was mostly driven by changes in the market perception of the policy stance."

    As China is still in the process of transitioning from a quantity-based economy to a price-based framework, precisely gauging the monetary policy stance can be challenging as "the central bank utilizes many instruments, balances many objectives, and faces many constraints", said Shan.

    Top
    BACK TO THE TOP
    English
    Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
    License for publishing multimedia online 0108263

    Registration Number: 130349
    FOLLOW US
    CLOSE
     
    久久久久亚洲av无码专区| 中文字幕一二区| 欧美中文字幕无线码视频| 人妻少妇伦在线无码专区视频| 久久久久久久久久久久中文字幕 | 日本三级在线中文字幕在线|中文| 无码伊人66久久大杳蕉网站谷歌| 久久精品亚洲乱码伦伦中文| 亚洲 另类 无码 在线| 少妇无码AV无码专区在线观看 | 国产中文字幕在线| 国产在线观看无码免费视频| 亚洲中文字幕不卡无码 | 日韩精品无码免费专区午夜不卡| 亚洲 无码 在线 专区| 99精品人妻无码专区在线视频区 | 久久亚洲2019中文字幕| 国产精品 中文字幕 亚洲 欧美| 国产爆乳无码一区二区麻豆 | 日韩精品久久无码人妻中文字幕| 影音先锋中文无码一区| 韩国三级中文字幕hd久久精品| 中文无码制服丝袜人妻av| 亚洲中文字幕一二三四区苍井空| 4444亚洲人成无码网在线观看| 人妻无码αv中文字幕久久| 亚洲人成无码网站| 亚洲AV无码国产在丝袜线观看| 国产成人无码精品久久久性色 | 无码高清不卡| 亚洲最大av无码网址| 亚洲精品无码久久久| 中文字幕乱码人妻无码久久 | 国产av无码专区亚洲av桃花庵| 日韩AV无码久久一区二区| 无码无套少妇毛多18p| 无码人妻久久一区二区三区免费| 亚洲AV无码乱码国产麻豆| 无码人妻精品一区二区三区久久久| 无码内射中文字幕岛国片| 人妻无码视频一区二区三区|