--- SEARCH ---
WEATHER
CHINA
INTERNATIONAL
BUSINESS
CULTURE
GOVERNMENT
SCI-TECH
ENVIRONMENT
SPORTS
LIFE
PEOPLE
TRAVEL
WEEKLY REVIEW
Learning Chinese
Learn to Cook Chinese Dishes
Exchange Rates
Hotel Service
China Calendar


Hot Links
China Development Gateway
Chinese Embassies

Manufacturers, Exporters, Wholesalers - Global trade starts here.

Bank Governor Says Chinese Economy Facing Challenges

Governor of the People's Bank of China (PBC) Zhou Xiaochuan said Saturday that the Chinese economy is facing challenges but the prospective growth is rosy.

 

In a written speech to the International Monetary and Financial Committee held in Washington, Zhou said that the Chinese economy experienced sound development in 2003, with gross domestic product (GDP) growing by 9.1 percent over the previous year and per capita GDP reaching US$1,100, passing an important milestone.

 

The main challenges facing the Chinese economy are that aggregate investment in some industries and regions is somewhat excessive, inflationary pressures are building up and much remain to be done in the areas of employment and social security, he said.

 

The Chinese central bank governor stressed that solutions to these problems will require China to pay even closer attention to proper macroeconomic management and to the proper handling of the relationship between reform, development and stability.

 

To deal with the accelerating rise of the commodity prices index during the past six months, China employed a combination of monetary policy tools and strengthened preemptive adjustments and fine-tuning by controlling excessive growth of monetary credit, Zhou said.

 

For instance, the PBC has twice employed required reserve ratio as a monetary policy tool to strengthen macroeconomic management, he said. It has raised the required reserve ratio by 1.5 percentage points from 6 percent to 7.5 percent.

 

On the exchange rate of Chinese currency Renminbi, he said that, in the medium and long terms, the Renminbi exchange rate will develop in the direction of increased flexibility. But current focus of the Chinese government is, while deepening financial reforms, to take further steps toward exploring and improving Renminbi exchange rate formation mechanisms.

 

Zhou said that so far this year, the Chinese economy has continued to grow at a rapid rate and this year's growth target for the Chinese economy is about 7 percent.

 

Zhou also warns of prime risks to global economic growth. The international community should clearly recognize the prime risks to global economic recovery and all countries should actively participate in policy coordination and cooperation and strive to maintain sustained global growth, he said.

 

According to Zhou, the vulnerability affecting global economic growth since the Dubai meeting in last September has by no means been entirely eliminated. Geopolitical confrontation persists, and the debt remains a very conspicuous problem in some emerging markets.

 

Although the global economy shows obvious momentum toward recovery, it is still true that the global economy relies excessively on condition in certain individual countries, he said. Therefore, great uncertainty remains as to whether the US economy has entered a period of stable growth.

 

Zhou also said that uncertainties in the timing and magnitude of macroeconomic policy adjustments by the major industrial nations are putting the world economic trends at increasing risks.

 

If an interest rate hike is not well timed, or if it is not executed with proper intensity, the result might be a short-term upheaval in financial markets, which would in turn adversely affect the global recovery, he said.

 

He also pointed out that structural reforms in some industrial countries have been slow, which has had a direct impact on stable economic growth and sustained development.

 

Meanwhile, Zhou warned that the debts of some emerging markets and developing countries are not likely to remain sustainable and geopolitical tensions show no clear sign of abating.

 

Therefore, he said that main industrial countries should assume the primary responsibility for global economic recovery and adjustment. They need to increase market confidence, give free rein to their comparative advantages, gradually improve external account conditions and enhance the sustainability of growth.

 

Emerging markets and developing countries also should vigorously take advantage of the current favorable environment brought on by the economic recovery, he added.

 

The International Monetary and Financial Committee is the policy-making body of the International Monetary Fund.

(Xinhua News Agency, April 24, 2004)

Central Bank to Keep Exchange Rate 'Basically Stable'
Zhou Xiaochuan Warns Sweetheart Loans Fuel NPLs
Central Bank Governor on Financial Reform
PBOC Unveils New Currency Policy Committee
The People's Bank of China
Print This Page
|
Email This Page
About Us SiteMap Feedback
Copyright © China Internet Information Center. All Rights Reserved
E-mail: webmaster@china.org.cn Tel: 86-10-68326688
主站蜘蛛池模板: 相泽亚洲一区中文字幕| 三上悠亚亚洲一区高清| 欧美性69式xxxx护士| 在线观看网站污| 中文字幕免费在线看电影大全| 日韩高清电影在线观看| 免费高清日本完整版| 日本尤物精品视频在线看| 在线成人综合色一区| xxxxx日韩| 最近中文字幕免费mv视频| 亚洲欧美日韩久久精品第一区| 秋葵app官网免费下载地址| 啊好深好硬快点用力视频| 青柠视频高清观看在线播放| 在线观看中文字幕第一页| 久久久久亚洲AV无码专区体验| 污视频在线免费播放| 免费网站看v片在线18禁无码| 老熟妇仑乱一区二区视頻| 国产青草视频在线观看| 久久久久久AV无码免费网站下载| 欧美一区二区在线观看免费网站| 亚洲欧洲国产综合| 精品国产柚木在线观看| 国产成人高清视频免费播放| www亚洲成人| 性欧美熟妇videofreesex| 丰满老熟好大bbb| 日本免费高清一本视频| 亚洲国产高清人在线| 正在播放国产伦理片| 亚洲自偷自拍另类图片二区| 色综合久久中文字幕网| 国产区精品一区二区不卡中文 | 国产精品无码久久综合网| 中文字幕乱码中文乱码51精品| 欧美三级中文字幕在线观看| 亚洲日本国产精华液| 站在镜子前看我怎么c你| 午夜影院老司机|