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Expanding Domestic Demand Top Task for CN Next Yr, w/ Moderately Loose Monetary Policy Kept: Central Finance Office
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Regarding the current economic situation and the status of domestic demand development, a responsible person from the Office of the Central Committee of Finance and Economics of the Communist Party of China stated, according to Xinhua News Agency, that expanding domestic demand is the top task for next year. Noting that the growth rate of consumption and investment has slackened in recent months, the office responsible person believed that efforts to expand domestic demand need to be intensified. Through the interaction of investment and consumption and the coordination between government and market, there are conditions to promote sustained growth in domestic demand next year. On the other hand, moderately loose monetary policy will continue to be implemented, with promoting stable economic growth and reasonable price recovery as important considerations for monetary policy, which is a new proposal from this year's meeting. Social financing conditions will be kept relatively loose. The monetary policy toolbox includes not only reserve requirement ratio (RRR) and interest rate cuts but also other short-term, medium-term, and long-term liquidity injection tools. Efforts will be stepped up to support key areas such as expanding domestic demand, technological innovation, and small and micro enterprises. Structural monetary policy tools will continue to be used effectively to maintain the basic stability of the RMB exchange rate at a reasonable and balanced level. AASTOCKS Financial News Website: www.aastocks.com |
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