在线国产一区二区_成人黄色片在线观看_国产成人免费_日韩精品免费在线视频_亚洲精品美女久久_欧美一级免费在线观看

Global EditionASIA 中文雙語(yǔ)Fran?ais
Business
Home / Business / Policies

Policy moves expected to sustain growth

By CHEN JIA | CHINA DAILY | Updated: 2021-12-09 07:04
Share
Share - WeChat
Workers assemble engines at a factory in Weifang, Shandong province, on Dec 6, 2021. [Photo/Xinhua]

CPC leadership highlights 'stability' as priority for economic work next year

China can leverage more policies to maintain economic stability and prevent financial risks, amid the rise in coronavirus infections and global inflationary pressure, International Monetary Fund experts and former finance officials said.

The country's economic performance has been better than the rest of the world's, because it has more policy space to respond to the impact of the COVID-19 pandemic, including stronger fiscal and monetary measures, they said.

These policies will help China's economy recover better than other countries, Steven Barnett, senior representative of the IMF in China, said during a virtual seminar on Wednesday.

In the World Economic Outlook report published in October, IMF experts said new challenges may emerge due to the faster-than-expected monetary tightening of the US Federal Reserve and underestimations of inflationary pressure.

Inflationary pressure is mainly driven by firmer demand, commodity price pressures and supply chain disruptions, IMF economists said at the seminar.

Christoffer Koch, an economist from the IMF's research department, said central banks can generally get through transitory inflationary pressures and avoid tightening until there is more clarity on underlying price dynamics. However, they should be prepared to act quickly if the recovery is faster than expected or the risk of "rising inflation expectations becomes tangible", he said.

The Political Bureau of the Communist Party of China Central Committee, the Party's core leadership, held a meeting on Monday that highlighted "stability" as the priority for economic work next year.

The People's Bank of China, the central bank, announced on Monday a 50 basis point cut in the reserve requirement ratio for almost all financial institutions, effective Dec 15, to inject 1.2 trillion yuan ($189 billion) liquidity into financial markets.

More policies are expected to be released after the Central Economic Work Conference, and economists have predicted further easing measures to prevent a hard landing of the economy.

"We may see another 50 basis point RRR cut in the first half of 2022, but still view the likelihood of a policy rate cut as quite small, due to elevated production-price inflation and still rising consumer-price inflation," said Lu Ting, chief economist in China at Nomura Securities.

Wei Benhua, former deputy head of the State Administration of Foreign Exchange and former IMF executive director for China, said that China has adopted a monetary policy that is suitable for the nation's conditions. A prudent monetary policy will better support the real economy without the need for aggressive easing.

The central bank has also established a risk-warning mechanism after learning lessons from the global financial crisis, Wei said. China has taken note of the risks of an early retreat from quantitative easing measures adopted by central banks in some developed countries.

Guan Tao, global chief economist at BOC International and a former official at the State Administration of Foreign Exchange, said disruption to global supply chains caused by the pandemic could mean sustained inflationary pressure.

"Central banks might have underestimated the inflationary risk," Guan said, adding that the effects of aggressive monetary easing have been accumulating since the 2008 global financial crisis. If financial markets cannot absorb inflation, price rises in the real economy could lead to significant issues, he added.

IMF economist Koch said to avoid "taper tantrum" scenarios, which usually result in spillovers such as the shifting of capital flows and foreign exchange rate fluctuations, monetary authorities need to focus on forward guidance and communication. Policy normalization from advanced economies' central banks must also be taken into consideration by the authorities, Koch said.

Kristalina Georgieva, IMF managing director, said at the conclusion of the Sixth "1+6"Roundtable on Monday that China had "achieved a truly remarkable recovery, but its growth momentum has been slowing notably".

"As China is a vital engine for global growth, taking strong actions to support high-quality growth will help not only China, but the world," she said.

Top
BACK TO THE TOP
English
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
CLOSE
 
主站蜘蛛池模板: 中国91视频 | 久久亚洲一区 | 一区二区三区日本 | 国产极品美女在线精品图片 | 国产视频亚洲精品 | 亚洲精品久久 | 国产精品视频一区二区三区, | 欧美精品免费在线观看 | 久久久久久久久久久久福利 | 久久国产精品亚州精品毛片 | 久久九九国产精品 | 国产91成人在在线播放 | 国产精品视频久久久 | 精品国产一区二区三区久久久蜜臀 | 亚洲美女视频在线观看 | 色综合五月婷婷 | 中文字幕在线免费 | 国产三级在线播放 | 国产成人激情视频 | 色婷婷久久久swag精品 | 丁香婷婷综合激情五月色 | 久久人人网 | 欧美福利视频 | 亚洲视频手机在线 | 欧美日在线| 国产一区二区三区在线 | 成人在线视频观看 | 色吊丝在线永久观看最新版本 | 91黄在线观看| 亚洲久久久 | 久久av资源 | a黄视频 | 国产成人精品免高潮在线观看 | 久久久精品网 | 日韩中文字幕电影在线观看 | 色婷婷亚洲 | 欧美成人在线网站 | 日韩高清一区二区 | 国产精品福利在线观看 | 日韩久久综合 | 红色av社区|