The People's Bank of China (PBOC) at the end of September announced a targeted reduction in the amount of cash lenders must hold as reserves to promote inclusive finance and encourage credit support for small businesses, impoverished groups and agriculture, among others. Analysts expect hundreds of billions of yuan to reach the real economy.
September's data also added to signs of a solid economy, which may defy market expectations of a loss of momentum. Major economic indicators including GDP, industrial output and investment are scheduled to be released by the NBS Thursday.
China posted a better-than-expected GDP increase of 6.9 percent in the first half of the year, well above the target of around 6.5 percent for the whole year.
At the annual meeting of the International Monetary Fund and the World Bank in Washington Sunday, PBOC governor Zhou Xiaochuan said the economy will likely expand 7 percent year on year during the remainder of 2017 thanks to booming household consumption.
He cited sound imports and exports due to better external environment and also said China needs to bring down its leverage ratio.
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2020-09-15
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