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China keen to boost growth, avoid loan quotas: officials
Beijing (AFP) Aug 7, 2009 China's government said Friday it will stick to policies aimed at boosting growth despite tentative signs of recovery in the world's third-largest economy, and will not impose quotas on bank credit. "Promoting steady and fast growth will remain the top priority of our economic work," said Zhu Zhixin, a vice minister at the National Development and Reform Commission, China's top economic planning agency. "We will continue to implement our active fiscal policy and moderately loose monetary policy" to consolidate "economic stabilisation and recovery," he told reporters at a briefing in Beijing. Government policy was still crucial in maintaining growth due to the volatile world economy, while private investment and consumption remained sluggish in China, he said. In an effort to maintain economic momentum, the central bank will steer clear of the kind of loan quotas it has resorted to in the past to curb credit growth, said Su Ning, a vice governor at the central bank. This followed similar recent remarks by Su stressing that market-based tools rather than government-set lending quotas, which worry investors, would be used to ensure appropriate credit growth and facilitate economic growth. The central bank has sought several times to exude calm to jittery markets, following state media reports that two major commercial banks had set ceilings for new loans this year as regulators raised credit risk fears. But even without official curbs, new credit in the second half of the year is unlikely to reach the unprecedented 1.1 trillion dollars seen in the first half, Su said Friday. The Chinese economy grew 7.9 percent in the second quarter after 6.1 percent in the first, triggering speculation that Beijing could start moving its focus away from growth creation towards controlling inflation and asset bubbles. However, Su said inflation was not an imminent threat since the consumer price index dropped 1.1 percent on-year in a first half which also saw producer prices fall by 5.9 percent. "There is no problem such as inflation at the moment," he said. Share This Article With Planet Earth
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