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China to maintain policy stability, continuity: central banker

(Global Times)

08:33, March 14, 2013

The governor of the People's Bank of China (PBOC) said Wednesday that China's monetary policies will remain stable and continuous, no matter who ends up becoming the central bank's new governor.

When asked whether he would serve as the PBOC governor for a third term at a press conference, Zhou Xiaochuan declined to give a clear answer, saying "there were established procedures (on the appointment of the new governor of the PBOC)."

"I'm not in an appropriate position to answer that question," Zhou said. "Up to this moment, I have no idea about this."

At the press conference on the sidelines of the parliament's annual session, Zhou defended the monetary policies implemented by the bank since 2008, saying they have generally proven to be effective, despite having room for improvement.

Zhou said the government will maintain effective policies regardless of whether he serves a third term or not.

He acknowledged that financial policies and reforms are usually controversial, but added that only practice can prove them right or wrong.

Zhou said the policies will be revised if necessary, although he did not elaborate on any specific revisions.

Nearly 3,000 lawmakers will elect and appoint state leaders for the country's legislative, administrative and judicial organs over the next few days.

China's new premier will be unveiled on Friday, while the central bank governor and other members of the cabinet will be decided on Saturday.

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