The Chinese economy will be able to surmount all difficulties, keep steady growth and accelerate transformation. Where does our confidence come from? It comes from China’s vigorous efforts to adapt to the economic new normal, pursue supply-side structural reform while appropriately expanding aggregate demand, and foster strong internal drivers of growth. To be specific, we have mainly taken the following steps. First, we explored innovative ways to conduct macroeconomic regulation. In the face of downward pressure, we did not resort to turning on the pumps out of a consideration for both short- and long-term interests. Instead, we took steps to stabilize and improve macroeconomic policies by creative application and optimizing of the tools kit. We endeavored to increase the robustness and efficiency of the proactive fiscal policy by giving priority to slashing taxes and fees to reduce burden on businesses, and strengthening weak links to shore up the sustainability of our economy. The debt ratio of the Chinese government is relatively low among the major economies. The figure for the central government is around 16%. This allows further room for the proactive fiscal policy.
As for the prudent monetary policy, we lay great emphasis on flexibility and moderation. We follow a policy approach that is neither too accommodative nor too tight. We set the target of keeping M2 growth around 13% and refrained from printing too much money. In late September, M2 grew by 11.5% year on year. At the same time, we used a variety of monetary policy tools to maintain reasonably adequate liquidity and make sure that monetary policies provide support to the real economy through smooth transmission.
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