2004 Second Quarter China Monetary Policy Implementation Report

Author: Monetary Policy Analysis Team of the People's Bank of China
Publisher:
Publish Date: 2004-09-01
Features: In the first half of 2004, the global economy continued to recover, the risk of inflation increased, and the central banks of some countries shifted their monetary policy focus to preventing inflation. China's macro-control measures were gradually implemented and began to show results, curbing unstable and unhealthy factors in the economy, and maintaining a rapid growth of the national economy, demonstrating a development trend with relatively fast speed, better efficiency, and strong vitality. In the first half of the year, the gross domestic product (GDP) grew by 9.7% year-on-year. In the second half of 2004, the People's Bank of China will, in accordance with the deployment of the Party Central Committee and the State Council, firmly establish and conscientiously implement the scientific concept of development, further implement the macro-control policies and measures determined by the Central Committee, implement a sound monetary policy, and make timely adjustments based on changes in economic and financial operations. Closely monitor the developments and changes in the economic and financial situation, implement the monetary policy measures that have been introduced, accurately grasp the intensity and rhythm, conscientiously carry out monetary and credit work, reasonably control the growth of monetary and credit, and optimize credit structure. Guide commercial banks to correctly assess market risks, promptly provide normal working capital support to enterprises with market potential, effective operations, and benefits for job creation, and effectively support the construction of projects that align with national industrial policies and market access conditions. Adhere to indirect means as the main approach, regulate appropriately and timely, and improve the scientificity, foresight, and effectiveness of financial regulation.