国产热热热精品,亚洲视频久久】日韩,三级婷婷在线久久,99人妻精品视频,精品九热人人肉肉在线,AV东京热一区二区,91po在线视频观看,久久激情宗合,青青草黄色手机视频

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

...
广汉市| 梁平县| 丹巴县| 廊坊市| 安图县| 维西| 西吉县| 淮安市| 山阴县| 和田县| 平乐县| 分宜县| 岳普湖县| 榆中县| 丹棱县| 芜湖市| 贵德县| 漳平市| 天峻县| 罗田县| 黎城县| 新兴县| 辽中县| 云浮市| 平山县| 柘城县| 云龙县| 松江区| 阳朔县| 武威市| 太湖县| 南澳县| 江华| 商城县| 靖边县| 响水县| 汉寿县| 堆龙德庆县| 社旗县| 德江县| 马公市|