People’s Bank of China Governor Pan Gongsheng quoted in state-backed financial media Securities Times
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Shifting economic growth model is more important than pursuing high
growth rate - China’s economy
continues to improve, 5% growth target expected to be successfully
achieved - China’s economic
growth momentum improves recently, production and consumption recover
steadily, employment and consumer prices stable - Monetary policy will
pay more attention to cross-cyclical and counter-cyclical adjustments
in next stage - Will always keep
prudent monetary policy, support stable growth of real economy - Will provide a good
monetary and financial environment to stabilize price, promote
economic growth and expand employment
—
Sticking to the line of 5% growth going to be done. The PBOC this year have not unleashed huge stimulus, same for fiscal authorities. Debt-fuelled growth in China is not something they want to add to … although other growth engines are slowish.
This article was written by Eamonn Sheridan at www.forexlive.com. Source