China to fine-tune macro-economic policy
February 27, 2012 Category Macro-economy, Weekly
China will “fine-tune” its macro-economic policy, given the current global economic uncertainties, the Communist Party’s Politburo said in a statement after a meeting chaired by President Hu Jintao. The government will also maintain its proactive fiscal policies and prudent monetary policies this year. The meeting was held to discuss the draft of the government work report that will be delivered at the opening of the annual session of the National People’s Congress (NPC) on March 5 by Premier Wen Jiabao. The central government should “make a proper judgment on the macro-economic situation at the right time, and make it more targeted, flexible and forward-looking”, the statement said. Hu Yifan, Chief Economist at Haitong International, said the statement of “stabilizing growth and controlling inflation” implied that growth remained a major concern. “So the policy is to keep easing,” he said. The People’s Bank of China (PBOC) cut the capital reserve requirement for banks by half a percentage point last week to help small and medium-sized firms get easier access to bank loans. The Politburo’s statement also said the government would accelerate efforts to transform the nation’s economic growth pattern, while making greater effort in expanding domestic demand, particularly consumption.
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