三级aa视频在线观看-三级国产-三级国产精品一区二区-三级国产三级在线-三级国产在线

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

Economic recovery set to get further policy boost

By CHEN JIA | China Daily | Updated: 2021-06-30 07:20
Share
Share - WeChat
A view of Beijing on Oct 28, 2020. [Photo/IC]

China's economic policies will remain generally stable to solidify the recovery in the second half of this year, and the policy focus may increasingly shift toward curtailing risks at home and abroad, according to policymakers and advisers.

As strong economic growth momentum continues, policy measures should prevent external shocks to improve China's resilience and stabilize the overall leverage level, in case global economic conditions change, said economists who shared the policy outlook with China Daily on Tuesday.

In the second half of the year, monetary policy normalization in China should continue to proceed cautiously, unless inflation moves well above target and inflation expectations become unanchored, Sebastian Eckardt, the World Bank's lead economist for China, said on Tuesday in an exclusive written interview with China Daily.

His comment was based on an updated forecast on Tuesday from the World Bank, which sees the world's second-largest economy reaching GDP growth of 8.5 percent in 2021, thanks to pent-up demand and strong exports.

The forecast marks an upward revision of 0.6 percentage point from the World Bank's projections in December, largely due to stronger-than-expected foreign demand, the bank said in a report.

China's consumer price inflation is expected to remain below target this year, despite the recent surge in imported raw material prices and firming domestic demand, the bank predicted, adding that the rise in inflation is most likely going to be transitory in the absence of excessive wage growth.

Yi Gang, governor of the People's Bank of China, the central bank, chaired the bank's quarterly monetary policy meeting on Friday.

Policymakers and advisers agreed that the monetary policy should remain prudent, flexible and targeted, and should keep liquidity ample at a reasonable level, according to a meeting statement released on Monday.

It was seen as an important meeting for setting the monetary policy tone for the second half, said analysts. "According to the meeting's statement, it is expected that the monetary policy stance will remain stable and neutral, and it is difficult to see additional easing in the following months," said Ming Ming, a senior researcher at CITIC Securities.

In recent months, the policy mix has been reflected in tight to neutral financial conditions, said Shaun Roache, Asia-Pacific chief economist with S&P Global. "We expect policies to remain broadly unchanged, albeit with some targeted tightening, especially in the property sector."

Roache does not expect that inflationary pressures in China will force policy rate hikes because the pass-through from high producer price inflation to consumer prices is typically weak.

China has already started to normalize policies, and in terms of monetary actions, the central bank allowed interest rates to rise and liquidity to tighten, which has cooled credit growth and restrained leverage, according to analysts.

"As the recovery solidifies, we expect the policy focus to increasingly shift toward deleveraging. Risks associated with high corporate leverage and inflated property markets will need to be closely monitored," said Eckardt, of the World Bank.

The PBOC meeting highlighted prevention of external shocks as well as keeping the macro leverage level stable. It also called for adjustments in the measure for setting the upper limits of deposit rates, research tools for supporting carbon emission reduction, and improved risk prevention capacity when the financial market opens up further.

The prospect of more hawkish monetary policy in the United States may cause some near-term volatility in financial markets and cross-border capital flows, but associated risks should be manageable, unless the policy adjustment is much faster and sharper than currently expected, Eckardt said.

So China may see more volatile two-way cross-border capital flows as financial markets continue to adjust to the varying speeds of COVID-19 pandemic recovery and policy outlooks in major economies, he added.

Reflecting progressive efforts to reduce risks and deleverage, as well as policy normalization and diminished support from net exports, China's year-on-year GDP growth may moderate to 5.4 percent in 2022 when the low base effects dissipate, the World Bank predicted.

China has policy space to act at the central level, and policymakers should be ready to use it in case private investment and consumption demand remain sluggish and external imbalances further increase, the bank's economists suggested.

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: 国产精品嫩草影院在线观看免费 | 91精品国产高清久久久久久 | 亚洲福利视频一区 | 国产11一12周岁女毛片 | 精品国产成人高清在线 | 色综合网亚洲精品久久久 | 免费无遮挡十八污污网站 | 亚洲综合久久成人69 | 国产簧片在线观看 | 国产黄的网站免费 | 在线观看黄色小视频 | 欧美日韩在线视频观看 | 中文字幕在线精品视频万部 | 久久国产欧美另类久久久 | 911精品国产亚洲日本美国韩国 | 国产精品 日韩 | 草逼视频网址 | 精品视频网 | 欧美一级毛片免费看 | 日韩视频一区二区 | 亚洲综合色就色手机在线观看 | 国产成 人 色综合 亚洲 | 日本一级毛片片在线播放 | 一区二区免费视频观看 | 久久被窝电影亚洲爽爽爽 | 三级毛片网站 | 欧美精品一区二区久久 | 看全色黄大色大片免费久黄久 | 草逼大片 | 看美女黄色片 | 国产短视频精品区第一页 | 午夜精品一区二区三区免费视频 | 免费爱爱视频 | 国产特黄一级毛片特黄 | 香蕉视频在线免费播放 | 国产又色又爽黄的网站免费 | 国产精品99久久久久久宅男 | 婷婷99av综合 | 一a级毛片 | 黄色网免费 | 黄色一级网址 |