Events: Wen Jiabao: the implementation of prudent monetary policy environment changed
| Event Details:
In the first quarter economic data released on the eve of Friday, the State Council on monetary policy, price, market regulation and many other macro-economic issues to make arrangements.
Yesterday, Premier Wen Jiabao chaired a State Council executive meeting to analyze the economic situation in the first quarter, study and plan the next phase of economic work.
Xinhua News Agency rare broadcast excerpts Wen Jiabao's speech at the meeting.
He stressed
Industrial Bank related stock movements
To fully assess the lagged effects of monetary policy, to improve the forward-looking policies to avoid the policy superimposed on the real economy over the next phase of a large negative impact.
Integrated use of interest rate and other tools
Yesterday's meeting for the formulation of monetary policy is the practical implementation of prudent monetary policy well.
This year, China has increased the deposit reserve ratio three times, twice raised benchmark deposit and lending rates.
Wen stressed that the current broad money (M2) growth closer to control objectives.
Clear the government work report this year broad money growth target of 16%. The central bank data show that broad money growth in February, 15.7%, respectively, a year earlier last month and the low end of 1.5 and 9.8 percentage points.
He pointed out that the implementation of prudent monetary policy environment has not changed.
The meeting clearly, handle control monetary aggregates and improve the structure of the relationship. The good mobility of the total gate to maintain a reasonable scale and pace of social finance, the integrated use of good open market operations, reserve ratio, interest rates and other price and quantity instruments to further improve the RMB exchange rate formation mechanism, enhance the flexibility of RMB exchange rate, eliminating inflationary monetary conditions.
He pointed out that the current rate of growth and employment are at reasonable levels, stabilize prices and control inflation expectations is the key, is the first. Of course, to fully estimate the lagged effects of monetary policy, to improve the forward-looking policies to avoid the policy superimposed on the real economy over the next phase of a large negative impact.
Lu political commissar of the Industrial Bank senior economist, said controlling inflation remains a policy priority, monetary policy still needs to maintain the necessary intensity.
According to its projections, excluding interest rate hike in early April, the future there will be 2 to 3 times the interest rate, to four state-owned banks to calculate the statutory deposit reserve ratio will increase to 23 percent. Which, once in April will increase the reserve ratio.
Speed up the delivery of common commercial housing land
Wen pointed out that the situation from the first quarter, inflation pressures are still greater.
He stressed that this round of price increases of complicated factors, many of the factors driving prices up there are increasing trends. First, imported inflationary pressures are still increasing. Second, food and housing structural inflation pressure remains high. Third, the faster increase in factor costs.
He stressed that China's general price level is still manageable range, with many favorable conditions for price stability.
As for market regulation, Wen Jiabao is given to "consolidate and expand the real estate market effectiveness" _set_ the tone.
He pointed out that with the deepening of the real estate control policies to promote, market, easing supply and demand, a certain curb irrational demand, the market there are some signs of cooling down.
But he also said that the current market is still in a stalemate, ordinary commodity housing price expectations and control compared to the target and there is still a wide gap between the masses, especially in some cities, housing prices, rising too quickly the situation has not fundamentally changed, place to implement the policy measures the central control was not strong enough, the total effect of the regulation remains to be consolidated and strengthened.
Meeting 10 million units in the deployment of affordable housing construction, but also stressed that efforts to increase the supply of common commercial housing and speed up the delivery of common commercial housing land.
"Real estate market target is to keep aggregate supply and demand balance, structure, and the price is reasonable, and always strictly control the speculative investment in housing demand." Wen said.
"Real estate to really see results, the key should pay attention to implementation." He stressed that "the market is waiting to see if the policy can not really be implemented, a mere formality, it is difficult to reasonably guide market expectations, it is difficult to guide developers and reasonable pricing, it is difficult to establish confidence in the people, we will fall short of control, ultimately, the government will lose the trust of the people. "
Currently, the State Department dispatched eight inspection teams have arrived in several provinces, the situation on the ground of market regulation for special supervision.
Which, in the Zhejiang local tax inspection team will check the accounts and financial institutions.
Maintain the steady growth of foreign trade
Customs data show that a quarter of China's total import and export $ 800.3 billion, an increase of 29.5%. Which exports $ 399.64 billion, up 26.5%; imported a record high for the first time exceeded $ 400 billion, reaching $ 400.66 billion, an increase of 32.6%.
But it is worth noting that China experienced its first quarterly trade deficit in six years.
Wen said that this occurs mainly because import prices of commodities soaring, leading to a substantial increase in the amount of imports.
It is noteworthy, he said: "The result of deteriorating terms of trade brought about by the surplus reduction is not what we want."
He stressed that in the case of imports and exports into balance, work should focus on maintaining steady growth of foreign trade and optimize the export structure up.
(Editor: Xie Wei) |
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