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English>>China Business

Treading Lightly for Fast Growth

(Beijing Review)

09:21, August 23, 2012

CALCULATING CASH: Bundles of yuan notes are counted at a rural commercial bank in Jiangsu Province (BeiJing Review/Si Wei)

The Chinese Government announced in early 2012 that the country would continue implementing the proactive fiscal policy and prudent monetary policy to support a steady and relatively fast economic growth. On August 2, the People's Bank of China, China's central bank, released the Report on the Implementation of Monetary Policies in Q2 2012, showing the policies' effectiveness.

During the first half of 2012, the central bank intensified its efforts to fine-tune the monetary policy, make full play of the leverage function of interest rates, maintain the appropriate growth of monetary credit and sustain a reasonable scale of social financing.

Outstanding loans from financial institutions had totaled 63.3 trillion yuan ($9.95 trillion) by the end of June, up 15.9 percent year on year and 0.4 percentage point higher than the end of last quarter.

However, a housing price rebound appeared as the economy cooled, complicating matters for the next phase of the policy. A slowing economy needs to be spurred by a loose monetary policy. However, injecting liquidity into the market will water down the macro-control efforts in the real estate sector.

Right now, the central bank's stance is to support the real economy, keep overall price levels stable, and maintain a steady yet relatively fast economic growth.

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