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Home  /  Picture of the Day  /  Pic of the Day by Category  /  Economy 财经   /  由“适度宽松”转向“稳健” 中国货币政策取向发生改变 - From 'Loose Moderation' to 'Firm' - A Change In China's Currency Policy
由“适度宽松”转向“稳健” 中国货币政策取向发生改变 - From 'Loose Moderation' to 'Firm' - A Change In China's Currency Policy print version

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12月3日电3日召开的中共中央[1]政治局会议公布重要信息:2011年中国将实施积极的财政政策和稳健的货币政策。货币政策由此前的"适度宽松"调整为"稳健",这是中国货币政策基调的重大转变。货币政策基调的转变,是中国决策层对当前国内外经济形势的科学应对,最终将有利于中国经济更加持续健康的发展。

统计局数据显示,前三季度中国经济国内生产总值[2](GDP)同比增长10.6%,增速比上年同期加快2.5个百分点。中国经济向好势头进一步巩固。在诸多因素的推动下,国内物价上涨也面临着不小的压力。最新数据显示,10月份中国居民消费价格指数[3]达4.4%,创出25个月来新高。今年年初以来,中国中央银行[4]先后通过五次上调存款准备金率、一次加息和持续的公开市场操作,适度控制货币信贷投放力度,对经济运行的货币环境进行了一定程度的微调。

历史资料显示,1998年为应对亚洲金融危机和国内严峻的通货紧缩[5]压力,中国开启稳健.的货币政策。2003年之后,面对经济运行中出现的贷款、投资、外汇储备快速增长等变化,稳健的货币政策也曾不断微调。

中共中央政治局会议还提出,在实施稳健货币政策的同时,中国将继续实施积极的财政政策。财政部[6]财科所所长贾康认为,在抑制通货膨胀[7]的同时,中国还面临稳定经济增长和调整经济结构的任务,因此在货币政策回归稳健后,财政政策有必要在一定时期内保持适度的扩张,实现经济的平稳较快发展。

Important news were announced in the conference of the political bureau of the Central Committee of the Chinese Communist Party (CCCCP) held on December 3rd: In 2011 China will implement a positive fiscal policy and firm currency policy. The currency policy is hence readjusted, from 'loose moderation' to 'firm'. This is a major shift in the main attitude behind China's currency policy. The change in attitude is a scientific response of China's policy makers towards the present situation in China and abroad, which ultimately will be beneficial to the healthy development of China's economy.

The data of the Statistics Department demonstrate that the gross domestic product (GDP) of China has increased by 10.6% in the last 3 quarters of the year, with an increase rate 2.5 percent points higher than the growth last year. China's economy has a great prospect of strengthening yet one step forward. With a good deal of promoting factors, the increase in commodity prices is also faced with quite a big pressure. Latest data display that China's inhabitants' consumer price index has reached 4.4% on October, setting up a new record for the last 25 months. Since the beginning of the year, the Central Bank of China, throughout the five times in which the rate of preparatory funds has been increased, has once raised interest rates and persisted in making the market dynamics known to the public, moderating the level of control on circulation of money credit, carrying out a high level of adjustment of the movements in the money conditions.

Past records show that in 1998, in order to respond to the pressure enforced by the Asian financial crisis and the stern deflation in China, China has initiated a firm currency policy. After 2003, loans, investments and the high rate increase of foreign exchange reserves, as well as other changes which have arose when facing motions in the economy, firm policies in currency have unceasingly been adjusted.

The conference of the political bureau of the CCCCP has also pointed out, that while implementing firm money policies, China shall continue to implement positive fiscal policies. Gu Kang, head of the Scientific Finance Department in the Ministry of Finance believes that while restraining currency inflation, China is still facing the tasks of stabilizing growth in its economy and adjusting the economic structure. Therefore, after the currency policy returns to stable terms, fiscal policies must maintain a moderate expansion during a fixed time period, achieving a sharp and steady economic development


[1] 中共中央 zhōnggòngzhōngyāng - Central Committee  of the Chinese Communist Party (CCCCP), the highest authority within the Communist Party and the State Council, the chief administrative body in China, consists about 50 members.

[2] 国内生产总值 guónèi shēngchǎn zǒngzhí - Gross Domestic Product, the money value of the good produced in a country in one year.

[3] 消费价格指数 xiāofèi jiàgé zhǐshù - Consumer Price Index, measures detecting price changes in different consumer good and services, consumed by households.

[4] 中央银行 zhōngyāngyínháng - Central Bank of China.

[5] 通货紧缩 tōng huò jǐnsuō - Deflation.

[6] 财政部 cáizhèngbù - Ministry of Finance.

[7] 通货膨胀 tōnghuòpéngzhàng - Currency Inflation.


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