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Continuity, Stability to Be Focus for PBOC BUSINESS CHINA DAILY HONG KONG EDITION Thursday, March 11, 2021 Two Sessions RIGHT TRACK Continuity, stability to be focus for PBOC Sustainability to be centerpiece of to develop at a fast pace, further alleviating the information asym- monetary policies, says vice-governor metry in SME financing, he said. Chinese monetary authorities By CHEN JIA ference, said that macro financial are expected to sustain the existing [email protected] policies will maintain “continuity, policy stance this year also to avoid stability and sustainability” this year. sharp tightening of financial con- A shopper selects vegetables at a supermarket in Shijiazhuang, Hebei province. JIA MINJIE / FOR CHINA DAILY The People’s Bank of China, the Speaking at a news conference ditions and prevent risks, accord- central bank, will not make any during the two sessions, Chen said ing to experts. major policy shifts this year and will that the policy of delaying repay- Shaun Roache, chief economist instead deploy more financial ment of both principal and interest for the Asia-Pacific region at Stan- resources to support the real econo- on loans extended to small and dard & Poor’s Financial Services, a Experts: Inflation rise due to higher my, a senior official said ahead of the micro enterprises will be extended, global credit ratings institution, said official release of broad money sup- while large commercial banks will the broad message on policies is “no ply and credit growth, both of which increase lending to SMEs by more sharp turns” this year. “There is a commodity prices not so worrisome surged in February. than 30 percent. tightening bias but, overall, no sense The PBOC said broad money “Small, medium-sized and micro that 2021 will bring in substantial By ZHOU LANXU for China, a major importer of ener- recover as COVID-19 gets further supply, or M2, increased to 223.6 enterprises play an irreplaceable changes. Our view has been that pol- [email protected] gy and commodities. controlled, but the process should trillion yuan ($34.26 trillion) by the role in the development of the icies had already begun tightening “China is likely to face higher be gradual and moderate, as evi- end of February, up by 10.1 percent economy,” he said. Last year, the in the second half of 2020, as shown China’s inflation is likely to pick up inflation pressure due to rising glob- denced by the still low core CPI on a yearly basis and by 0.7 per- central bank used supportive poli- in a pronounced turn in financial in the coming months amid rising al commodity prices, with the CPI reading last month, Wu said. centage point from that in January. cy tools to directly transfer funds to conditions, including weaker credit global commodity prices and recover- and PPI growth set to increase this The NBS reported that the growth New yuan loans rose to 1.36 tril- SMEs, including 1.8 trillion yuan in flows and higher real interest rates. ing domestic demand, but there is no year,” said Zhang Liqing, director of in the core CPI, which excludes food lion yuan in February, up by 452.9 loans through the relending and “The government said it expects cause for concern, experts said. the Beijing-based Central University and energy prices to better reflect billion yuan on a yearly basis. Total rediscount facilities with lower credit to grow in line with nominal The higher commodity prices are of Finance and Economics’ Center the real demand, has remained low social financing, which covers all interest rates. GDP growth and total debt-to-GDP unlikely to spark a sharp surge in for International Finance Studies at zero last month, though up from a types of financing to the real econ- Meanwhile, the PBOC adopted to stabilize. More efforts may be consumer prices, given the central and chief economist of PwC China. 0.3 percent decline in January. omy, rose by 1.71 trillion yuan, fast- policies that extended the repay- needed to constrain the debt-to- bank’s prudent policy stance and But the risk of imported inflation Falling food prices may also help er than expected, according to ment of loans totaling 7.3 trillion GDP ratio over the medium term,” the moderate recovery in domestic should be controllable, Zhang said, rule out a sharp rise in CPI growth as PBOC data. yuan for small and micro enter- Roache said. demand, they said. given the prudent stance of the Peo- pork production continues to recov- Chen Yulu, vice-governor of the prises, and issued 4 trillion yuan in However, the rising inflation is China’s consumer price index, a ple’s Bank of China, the central er, experts said. Food prices dropped PBOC and a member of the 13th fresh credit for SMEs. likely to push up the lending rates key gauge of inflation, fell by 0.2 per- bank, and the room for it to adjust by 0.2 percent on a yearly basis last National Committee of the Chinese This year, the digitalized services to a certain extent and increase cent on a yearly basis last month policies according to the changes in month, versus a 1.6 percent rise in People’s Political Consultative Con- of inclusive financing will continue pressure on the PBOC, according to compared with the 0.3 percent global commodity prices. January, with pork prices down by economists from Nomura Securi- decline in January, amid growing Also, some producers may choose 14.9 percent, the NBS said. ties. demand for cultural and entertain- to bear the rising commodity costs Lu Ting, Nomura’s chief China “But we believe Beijing will make ment services during the Spring Fes- themselves and refrain from raising economist, said the year-on-year PPI good on its pledge to make ‘no sharp tival holiday and rising global oil prices of their products, alleviating growth is expected to peak around shift’ in its policy stance, as evi- prices, the National Bureau of Sta- the inflationary pressure felt by con- the middle of the year and moderate denced by the 3.2 percent fiscal defi- tistics said on Wednesday. sumers, Zhang said. thereafter with a whole-year growth cit ratio of GDP target and the 3.65 Meanwhile, the producer price “The government’s projected goal of 4.2 percent, while the CPI growth trillion yuan quota for net local gov- index, which measures factory-gate of an around 3 percent annual may rise throughout the year and see ernment special bond issuance prices, rose to a 27-month high of 1.7 growth in the CPI will probably be an annual growth of 1.7 percent. announced during the ongoing percent on a yearly basis in Februa- fulfilled,” he said, adding that it is Though there have been concerns National People’s Congress session”, ry, up from 0.3 percent a month ear- still important to monitor global that the rising inflation may pres- said Lu Ting, chief China economist lier, the NBS said. commodity prices and related risks. sure the country’s central bank to with the Tokyo-based brokerage. The stronger-than-expected infla- “The recovery in domestic demand tighten policies, Lu said he expects Lu expected no big changes in tion readings came after a sustained is not expected to be so strong that the PBOC to stick to the “no sharp policy rates and the reserve rally in global commodity prices like high consumer inflation will happen,” shift” commitment and roll out nei- requirement ratio in 2021. But he oil and copper triggered expecta- said Wu Chaoming, chief economist ther hikes nor cuts to policy interest expects the forecast for growth of tions of global reflation. This could with Chasing Securities. rates and the reserve requirement total social financing, which rose mean rising inflationary pressure Consumer spending will further ratio this year. from 10.7 percent year-on-year by the end of 2019 to 13.3 percent at Chen Yulu, vice­governor of the People’s Bank of China, addresses the end of last year, to slow gradu- reporters’ queries via video link on Wednesday in Beijing during ally to around 11.5 percent by the ‘AI pioneer’ Baidu said to be readying the two sessions. ZOU HONG / CHINA DAILY end of this year. for big secondary float in Hong Kong Freer data flows to boost innovation By OUYANG SHIJIA pany with a strong internet founda- “Baidu has now made a name in [email protected] tion and plans to use the float the groups of AI pioneers after years By CHENG YU to people’s access to information proceeds for technology investment, of heavy investment in AI technolo- [email protected] services for pilot programs, such as Internet giant Baidu Inc has moved enhancing the commercialization of gies,” said Ouyang. “I hold a rosy news, and build information shar- a step closer to a secondary listing of its innovations centered around AI, view on Baidu’s technical capabili- Sustained efforts to curb data The value of data ing mechanisms between different its shares in Hong Kong after com- further growth of the Baidu Mobile ties. After the secondary listing, monopoly and promote freer flow cannot be internet platforms,” said Li, who is pleting the necessary listing hearings Ecosystem, enhancing and diversify- investors will have a better under- of data among Chinese companies also a member of the 13th National at the city’s bourse, experts said. ing monetization and for general standing of Baidu’s core values in AI can stimulate technological inno- maximized if a Committee of the Chinese People’s Though the company has not corporate purposes.
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