(Source: PBC Monetary Policy Department)
ThePBC’s Branch Presidents Conference was held in Beijing on June 17, 2004. With apurpose of fully implementing the guiding principles and policies set by theCPC Central Committee and State Council on macroeconomic management, theconference reviewed the work in the first half of this year, analyzed currenteconomic and financial situation, and laid out the plans to be carried out inthe second half of this year. At the conference, chaired by Deputy Governor LiuTinghuan, Governor Zhou Xiaochuan presented the PBC work report. Present at theconference are Deputy Governor Wu Xiaoling, Guo Shuqing, Su Ning, Li Ruogu, andChief Disciplinary Officer Wang Hongzhang.
GovernorZhou emphasized that, under the leadership of CPC Central Committee, China’seconomy has maintained a favorable development momentum and significantprogress has been made on establishing a well-off society. Further improvementof economic efficiency, strong foreign trade growth, robust consumption demandall indicated strong economic growth momentum in China. The policies andmeasures adopted by the CPC Central Committee and State Council to strengthenmacroeconomic management has produced preliminary results and will make greaterimpact on the economy as various macroeconomic measures are gradually put intoeffect.
Asa macroeconomic management department in the government, the central bank mustrigorously take scientific approach to economic development, according toGovernor Zhou Xiaochuan. The central bank will conduct macroeconomic managementin a more scientific, forward-looking and effective manner, so as to fullyleverage the role of monetary and credit policies in guiding the adjustment ofmonetary aggregates and structure, thus facilitating economic structuraladjustment, institutional reform and transformation of economic growth pattern.The central bank should step up efforts to monitor, research and analyzeeconomic and financial developments, and utilize mixed monetary policyinstruments to adjust the liquidity in financial system, based on carefulobservation and analysis of economic situation. Credit policies in line withstate industry policy and the approaches to implement these policies should befurther explored. New thoughts and plans on financial market reform and innovationneed to be further cultivated to help develop new market instruments andproducts. Foreign exchange management will be enhanced and improved to maintainthe Balance of Payment equilibrium and keep RMB exchange rate basically stableat an adaptive equilibrium level. Share-holding reform of state-ownedcommercial banks and pilot reform of rural credit cooperatives will beaccelerated to safeguard the stability of financial system. The establishmentof a modern payment system and credit registration and reference system as wellas the construction of a nationwide bank card acceptance network should bespeeded up. In addition, anti-money-laundering and credit informationmanagement work also needs to be strengthened.
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