Zhou Xiaochuan: Monetary Policy Needs Stability
Zhou Xiaochuan, governor of the people's Bank of China, wrote in the 11 issue of "China finance" that in the future, to optimize the monetary policy target system and further implement a sound monetary policy for a long time, we must pay more attention to the goal of maintaining a basically stable price level and pay attention to price stability in a broader sense.
He said that the basic characteristics and structural contradictions of China's macroeconomic operation are difficult to fundamentally change in the short term. In the future, other goals of macro regulation and control need to be taken into consideration. In particular, monetary policy should be strengthened to promote the pformation of the mode of economic development and the strategic adjustment of economic structure, so as to continuously improve the quality and efficiency of economic growth.
He believes that the current China
Macro economy
The most prominent problem in operation is that inflation pressure is still bigger and inflation expectations are still strong. We should further implement sound monetary policy, actively and steadily handle the relationship between maintaining stable and rapid economic development, adjusting the economic structure and managing inflation expectations. We should make more use of market-based tools and means to maintain the necessary regulation and control. We must properly control the total liquidity gate, maintain a reasonable scale of social financing, and avoid big fluctuations in economic growth.
He said that we should strengthen the supervision of liquidity and leverage, and improve the management system of systemically important financial institutions, markets and industries.
We should take the dynamic adjustment measures of differential reserve as an important measure to prevent systemic financial risks, and establish and improve the elastic mechanism with positive incentives to promote stable and moderate growth of credit.
To improve
monetary policy
The pmission mechanism and environment strengthen the micro foundation of monetary policy pmission.
The reform of interest rate marketization is planned and step by step.
In view of the balance of payments problem, he said that under the premise of controllable risks, in line with the principle of "gradual progress, overall planning, easy and difficult to do, and leave some leeway", we should expand foreign investment channels in an orderly way, and improve capital outflow into balanced management and gradually realize it.
capital account
Convertibility.
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