Events: Announced today the central bank financing of the total social control into a new indicator of monet
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Experts say this will be a new indicator for monetary policy
Reporters learned from the central bank, the central bank will release the first three in the afternoon today, the total financing of this new social indicators. Industry experts said the total amount of social financing might become a new indicator for monetary policy. However, the total financing of social and monetary conditions as well as the choice of monetary policy there is any kind of contact between the need for further
Bank of China-related stock movements
Observation.
February 17, the central bank survey of the first author to explain socio Secretary Shengsong Cheng financing of the total concept: that period of time (monthly, quarterly or yearly) to obtain the real economy from the financial system, the total of all funds. The current implementation of the statistical central bank is: Social financing is equal to the total RMB loans, foreign currency loans, entrusted loans, trust loans, bankers' acceptances, corporate bonds, stocks of non-financial enterprises, insurance companies, compensation, insurance companies, investment the sum of real estate.
Shengsong Cheng said, compared with the new RMB loans, the total financing of social relationship with the consumer price index more closely, so their size must be maintained at a reasonable level. The central bank statement recently, since late 2008, has begun construction of infrastructure projects currently under construction, for there is a certain rigidity of credit funds additional needs.
After calculation, the total financing to GDP of social existence of a stable long-run equilibrium relationship. Based on indicators such as GDP and CPI projections needed to support real economic growth of the corresponding amount of social finance. By improving financial statistics system, strengthening the central bank and financial regulatory authorities and interested parties of the coordination, the financing of the total community can form an effective control system.
Following last year's Central Economic Work Conference, "to maintain a reasonable scale of social finance", this year's government work report Premier Wen Jiabao put forward again, "to maintain a reasonable scale of social finance." Shengsong Cheng believes that with China's rapid economic growth, gradually increase the proportion of direct financing, the role of non-bank financial institutions to significantly enhance the financial control environment and facing new demands urgent need to identify more appropriate indicators and statistical monitoring of macro-control intermediate targets.
Some experts on the current social finance disclosure statistical challenge. Experts said that if the huge foreign exchange, bonds and foreign direct investment (FDI) and so removed the total financing in the community, the lack of statistical data will make representation. Central University of Finance and Bank of China (601988, stock it) Industry Research Center, Guo Tian Yong believes that if you want to reflect the "financing of the total" concept, but also should include the private lending and other non-formal financing, but at present these statistics was a blind spot.
Despite different views, but industry experts for the financing of the total social control will become a new indicator of the "identity" to give a high degree of recognition. However, the total financing of social and monetary conditions as well as the choice of monetary policy tools what is the link between the need for further observation.
(Editor: Wang Hongning) |
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