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China's Policymakers Not Considering Withdrawing Policy Too Early, Says Yi Gang
2021-1-27

Jan 27(LTIT) -   China's policymakers are not considering withdrawing policy support to the world's second-largest economy too early, the country’s central bank governor said yesterday.

 

Monetary policy will hold steady to support the nation’s economic growth, Yi Gang, who heads the People's Bank of China, said at a panel session of the World Economic Forum's virtual Davos Agenda.

 

To ensure policy consistency and stability, the government's package of economic stimulus policies will not be upended "too early,” Yi added.

 

This assurance may ease stock market worries aroused by another official's speech yesterday.

 

Ma Jun, a member of the Monetary Policy Committee of the People’s Bank of China, said China's monetary policy needs appropriate adjustment, the 21st Century Business Herald reported.

 

Bubbles in some areas have already emerged. Several major stock market indexes rose nearly 30 percent last year, and housing prices in Shanghai, Shenzhen and other places have recently ballooned, all of which is related to liquidity and leverage, Ma said.

 

China’s stock markets closed sharply lower after his statement. The Shanghai Composite Index ended 1.51 percent lower at 3,569.43. The Shenzhen Component Index rang off 2.28 percent down at 15,352.42, and the ChiNext Price Index, which tracks growth enterprises listed in Shenzhen, dropped 2.89 percent to 3,258.36.

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