China to Maintain Appropriate Money Growth: Central Bank Governor
BEIJING, January 15 (Xinhua) -- China will maintain appropriate money growth to further support the country's economic growth in 2002, said central bank governor Dai Xianglong Tuesday.Dai, governor of the People's Bank of China, said that this year broad money (M2) is projected to grow by 13-14 percent and narrow money (M1) by 14-15 percent, while cash injection is to be contained within 150 billion yuan (about 18.07 billion U.S. dollars).
Aggregate loans extended by financial institutions are expected to top 1.3 trillion yuan (about 156.6 billion U.S. dollars) this year, he said at a press conference hosted the State Council Information Office.
The year 2002 is the first year of China's entry into the World Trade Organization, which has ushered in a new phase of financial reform characterized by new opportunities and challenges, Dai said.
He said the central bank will continue to pursue sound monetary policy, strengthen financial supervision, and promote financial innovation to facilitate the country's economic development and reform.
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