周小川就房贷利率上调国有银行改革等答问(Zhou Xiaochuan raised interest rates on mortgage loans, reform of state-owned banks and so on).doc
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周小川就房贷利率上调国有银行改革等答问(Zhou Xiaochuan raised interest rates on mortgage loans, reform of state-owned banks and so on)
Q: an evaluation of last years financial regulation
The money supply in 2003 was high, but in 2004 it was more tight. Two years on average, the increase in the money supply was close to the first 5 years
Reporter: speaking of the financial control in 2004, when we heard the cheers at the same time, also heard a voice: the central bank does hold monetary credit gate, but the gate to be involved, the money supply is tight. What do you think about this? There is also a voice that last year, in the credit on the existence of one size fits all phenomenon, leading to some enterprises funding constraints. What do you think about this?
Zhou Xiaochuan: there is a time lag between money supply and economic prosperity, that is to say, whether the money supply is suitable or not is not reflected in the economy at once. It should be said that the money supply in 2003 was high, but this situation had a special background at that time. The new central government came into being in March 2003, followed by the war in Iraq and the SARS epidemic. When we should properly tighten the money supply, we need to observe and prevent the negative impact because of these uncertainties. After the initial success of the fight against SARS, a number of control measures began to be introduced, but the intensity was not too great, because the whole society wanted to take back the losses caused by sars. In this context, the money supply in 2003 was on the high side and had a lag effect by 2004. In 2004, the money supply was slightly tighter. If the money supply as an index of two years on average, we find that the broad money supply M2 (Note: 2 subscript) average annual growth of 17%, narrow money supply M1 (Note: 1 subscript) average annual growth of 16.3%, and after about 5 years of monetary growth level is close to 15% also, some slightly higher. When the whole economy is suitable fo
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