2004 Second Quarter - China Monetary Policy Implementation Report

Author: None
Publisher:
Publish Date: 2004-01-01
Features: In the first half of 2004, the global economy continued to recover, and the risk of inflation increased. 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 the unstable and unhealthy factors in the economy. The national economy maintained rapid growth, 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 (PBOC) will, in accordance with the deployment of the Party Central Committee and the State Council, firmly establish and implement the scientific concept of development, further implement the macro-control policies and measures determined by the central authorities, implement a sound monetary policy, and make timely adjustments based on changes in economic and financial conditions. 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, diligently carry out monetary and credit work, rationally 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 increasing employment, 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 moderately, and enhance the scientificity, foresight, and effectiveness of financial regulation.