Yi: China's steady growth measures to strengthen global confidence

Material graph: yi gang, vice governor of the people's bank of China. (source: xinhuanet)




Interview: China's steady growth measures to strengthen global confidence - the visit to the people's bank of China deputy governor yi gang

Xinhua Tokyo on October 12 report (reporter FengWuYong) rate group to attend the international monetary fund (micro Po) (IMF) and the world bank (micro Po) Tokyo meeting of the people's bank of China deputy governor yi gang, 12, in an interview with xinhua news agency said that in a global economic slowdown backdrop, the Chinese government this year a series of steady growth measures to strengthen global confidence. The Chinese side will continue to actively promote reform of the IMF's package case, strengthen the nuggets 5 countries such as the cooperation between emerging economies.

The world bank and the international monetary fund will this year the global economic growth rate down to 2.3% and 3.3% respectively. To this, yi gang said, according to the IMF's analysis, the global economic growth rate of less than 2% of the probability increased, if the global economic growth rate lower than 2%, means that the rich countries might be in recession, emerging economies' growth will also slowed sharply. Can say now the global economic approximation in growth and the decline of the critical state, facing the main topics include the debt crisis, the United States financial cliff and developing countries growth lack of power and reduction, etc. This annual meeting, neither party's largest consider how global stable growth and job creation, how to strengthen the main countries in macro economic policy level further coordination, a total of grams of ShiJian.

Yi said, China as the world's second largest economy, in the economic recovery and overcome in the process of ShiJian plays a very important role, the participating parties to China had great expectations. Of course, China is still developing countries, China a country by the force can't pull the world economy, but China's economic stability, especially the Chinese government this year a series of steady growth measures, to the world is a good news. The Chinese side will through the IMF and world bank annual meeting this platform to further explain to the world of such good news, this also is helpful for global confidence enhancement.

Yi said the annual meeting, neither party is paid close attention to China's economic growth prospects and real estate trend, etc. He said that, in general, the various policy tools of China is still a space, not like some countries deficit and debt balance the proportion of GDP is very high, or some countries due to implement monetary policy interest policy has been round. In contrast, China's monetary policy and fiscal policy are also larger leeway.

The international monetary fund President cristina raja DE (micro Po) in 12 plenary meeting of speech said the IMF hope as soon as possible the council reform and 2010, to a package of reforms, including improving the proportion of capital contribution of the emerging economies and voting rights. To this, yi gang said China as emerging economies and developing countries, and a member of the has been trying to push the IMF's reform measures. It IMF2010 years decided to reforms, in fact countries have reached a consensus. And he said, the Chinese side in actively promote reform of the case at the same time, also believe that countries will fulfill commitments, as soon as possible, such as their respective domestic such as congress of the legislature approval procedure, believe that these legal procedures complete won't wait too long. As long as the legal procedure through the IMF reform package case, all of the content believe that can reach the designated position.

As one of the Chinese delegates, yi 11 attended nuggets 5 countries finance ministers and central bank governors meeting. He said, China, Brazil, Russia, India and South Africa at the meeting on behalf of the five countries widely discussed the nuggets 5 countries to strengthen the possibility of cooperation, including in financial cooperation. As fighting crisis means, nuggets 5 countries are considering in the financing of further cooperation, especially establish a can in an emergency the possibility of providing liquidity mechanism. In addition, the nuggets 5 countries also focus on the insurance growth and promote employment. Yi said, I believe that gold brick 5 countries and other multilateral mechanism to play a positive contribution to global governance.

American and European central bank recently developed economies launched large-scale loose monetary measures. The IMF's report that a positive evaluation at the same time also to these measures might be in emerging economies to bring inflation pressure expressed concern about. Yi said, the current loose monetary policy should say both advantages and disadvantages, from positive look, in the global economic downturn of the background, money loose measures that can pull some economy needs. For example, the European central bank recently announced that direct currency trade measures and an earlier on the introduction of the long-term refinancing operation, stable to European market has certain positive role; The fed's second and third wheel quantitative easing measures on the economy also have promote role, although the stimulation effect on decreasing, but there are certain to promote the marginal utility. Europe and the United States increased demand in emerging economies' exports also to have certain advantages. But on the other hand, as some critics point out that quantitative easing measures can increase the risk of inflation in the future, pushing up commodity prices, for China, a large number of imported commodities country, may bring input sex inflation risks.

Yi said, to China, due to the regional and import and export enterprise situation is different, Europe and the United States and other economies monetary easing effect is differ, need to all walks of life actual situation comprehensive analysis the impact of loose monetary measures. From the macro is concerned, China need to avoid disadvantages, as far as possible amplification advantageous one side, at the same time the adverse effect in minimum limit, and consider the good remedial measures. He stressed that, the macroscopic economic policy should have advanced, has the foresight and save for a rainy day, should discover in time and grasp the overall economic trend risk symptom and take timely measures.