综合一区欧美国产,99国产麻豆免费精品,九九精品黄色录像,亚洲激情青青草,久久亚洲熟妇熟,中文字幕av在线播放,国产一区二区卡,九九久久国产精品,久久精品视频免费

Opinion / Op-Ed Contributors

Economic data move toward new normal

By Louis Kuijs (Chinadaily.com.cn) Updated: 2015-01-21 13:56

Other growth drivers remain broadly intact, though. Infrastructure investment should continue to be supported by policymakers’ reliance on such investments to support growth, although the implementation of the new local government debt framework does pose downside risks. Consumption should continue to benefit from a solid labor market and low inflation, while the outlook for exports is reasonable.

Key risks to the outlook include a more pronounced global monetary and exchange rate upheaval, weaker global trade growth and, in China itself, a more pronounced downturn in real estate, lower infrastructure investment following the implementation of the local government debt framework, and jitters in financial markets on the back of credit events.

Policy support will be needed to achieve GDP growth of close to 7 percent in 2015 — the likely growth target for this year — but policymakers will remain reluctant to move toward major, high-profile stimulus measures in line with their emphasis on “the new normal”, instead of stimulus. On the fiscal front, while infrastructure investment will remain a focus this year, there is no major stimulus in the pipeline.

On the monetary front, calls for policy to support growth and contain borrowing costs will be balanced with the need to rein in the rise in leverage and financial risks. The People’s Bank of China has largely continued to implement “targeted” monetary policy measures instead of high-profile measures such as required reserve ratio (RRR) or further interest rate cuts. Earlier this week, the PBoC increased relending to financial institutions that serve agriculture and small companies. Another factor holding back an RRR cut has been large inflows into the equity market in recent months, in part fuelled by margin trading financed by the shadow banking system, although measures announced last Friday by the China Banking Regulatory Commission and China Securities Regulatory Commission to rein that in seem to have had a major dampening impact on the stock market and may make an eventual RRR cut more likely.

The author is chief China economist at the Royal Bank of Scotland.

Previous Page 1 2 Next Page

...
武鸣县| 苗栗市| 鹿邑县| 嘉兴市| 蓬安县| 海兴县| 田林县| 石狮市| 淄博市| 尤溪县| 定兴县| 梁平县| 从化市| 阜阳市| 枣强县| 万安县| 城口县| 五大连池市| 郓城县| 佛坪县| 右玉县| 靖宇县| 崇州市| 堆龙德庆县| 平南县| 海原县| 友谊县| 靖宇县| 沂水县| 嫩江县| 丰县| 呼伦贝尔市| 黑山县| 柏乡县| 昌平区| 张掖市| 舟山市| 荣昌县| 定州市| 昆山市| 广水市|