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People's Daily Online>>China Business

China to maintain sound monetary policy

By Tian Junrong (People's Daily)

16:09, November 23, 2011

Edited and translated by People's Daily Online

China should wait until the time is ripe to fine-tune its monetary policy, and it must be done properly to consolidate the results of macroeconomic regulation, said Hu Xiaolian, deputy governor of the People's Bank of China.

Hu said that on top of keeping overall scale of lending generally stable and rational, the current credit work should optimize lending structure; guide financial institutions to extend more loans to weak links, such as micro enterprises that conform to industrial policies and the "three rural" sector; meet capital requirements of major ongoing and follow-up projects, and support the construction of affordable housing projects.

Under the framework of a prudent macroeconomic policy, the authorities will adjust and optimize the regulatory parameters of financial institutions based on their individual capital adequacy ratio, operational soundness and the implementation of the national credit policy.

China will better support the development of small and medium-sized financial institutions with a relative high capital adequacy ratio, good asset quality, sound corporate governance and effective implementation of the national credit policy.

She said that financial macro-controls have gradually produced results: the overly rapid rise in inflation has been curbed, and the proportion of current account surplus to GDP has further dropped. The employment situation is improving and overall economic and social development has been basically stable.


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