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QINGDAO TODAY
在线翻译:
szdaily -> Business/Markets -> 
Central bank calls for more policy coordination
    2019-04-17  08:53    Shenzhen Daily

THE central bank has called for more coordination between the country’s monetary policy, fiscal policy and other policies as China seeks to fend off risks and maintain stable economic growth.

Some positive changes have occurred in the structural adjustments of the Chinese economy in the first quarter, but deep problems remain amid uncertainties, the People’s Bank of China said in a statement on its website following a quarterly meeting of its monetary policy committee Monday.

The central bank did not elaborate on what the structural adjustments have been.

The central bank reiterated its pledge to continue with a prudent monetary policy that is neither too loose or too tight, and ensure reasonably ample liquidity in the interbank market. It repeated that China will not resort to “flood-like” stimulus.

Iris Pang, China economist at ING, expects the tax cuts and additional infrastructure spending planned by the government to amount to 4 trillion yuan (US$596.45 billion) this year.

“With a sizeable 4 trillion yuan fiscal stimulus this year and a monetary easing policy that has created 40 percent credit growth in the first quarter alone, we expect the Chinese economy to grow above the 6 percent lower boundary target set by the government,” said Pang.

China will report the first-quarter economic growth pace today.

To encourage more lending, the central bank has already slashed banks’ reserve requirement ratio (RRR) five times over the past year and is widely expected to ease policy further in coming quarters to spur lending and reduce borrowing costs.

The central bank will also seek a balance among currency exchange rate, interest rate and international balance of payment, the central bank said, adding that it will steadily push forward interest rate reforms.

(SD-Agencies)

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