Macro-adjustment of the official media: a fixed focus on credit adjustments

Most scholars believe that monetary policy will not turn to the Zhao Morning Post data point of view "to maintain the continuity and stability of macroeconomic policy, not to adhere to the rigid, inflexible, but should be based on the situation changes, timely detection and resolution of the problems, and constantly enrich and improve the policy." In the future, we should further optimize the government investment structure and increase investment in the fields of consumption, people's livelihood and enterprise technological transformation, and effectively drive the growth of private investment under the precondition of adhering to the positive fiscal policy. At the same time, we should guide the reasonable growth of monetary credit, optimize the credit structure, and increase the financial support to small and medium-sized enterprises, ' three farmers ' and other weak links, and prevent the potential financial risks. "-in the critical period of July 13, the People's Daily, macro-policy must be stable," from deflation to inflation worries, the controversy reflects the complexity of the current economic situation and the dilemma of policy regulation. ...... In the control of growth and price increases, the policy dimension of the grasp is a huge test. Can not make the economic growth rate is too low, also cannot let the price rise excessively big; for monetary policy regulation, on the one hand must support the local government construction project, must carry on the loan, on the other hand must be wary of the inflationary pressure.　　"--the three key to the" double policy "of the Xinhua News agency July 13--Financial Perspective the Intern Chen Shijun Li Mengying and last year's situation is strikingly similar, in the macro data" semi-annual report "is about to reveal the sensitive moment, the official authoritative media again intensive dispatch, take stock of economic situation and macro-adjustment policy Yesterday, the people's Daily and Xinhua news Agency successively published a review of the article, Inventory of the economy.　　Both of the official media believe that the current "macro-economic policy results show that China's economy has been a positive change."　　　　However, it is noteworthy that the two official media seems to be more focused on the recent controversial macro-regulation policy, and in unison, "the tone": should be based on the situation changes, timely detection and resolution of the problem, and constantly enrich and improve the policy.　　Tone macro?　　Yesterday, the People's Daily, in its front-page position, published the article entitled "Critical period, macro policy must be stable", taking stock of the economic situation that has stabilized to a good level.　　According to the current macroeconomic tone, the central government's fast-growing package of growth plans has played a key role in curbing the economic downturn, preventing deflation and boosting confidence in the market. The paper takes more space to take stock of the much-debated macroeconomic policies.　　On the one hand, the article argues that "China's economy in the coming period will have both upward momentum and downside risks" and should not lightly alter the macroeconomic policies that have proven to be effective in coping with the crisis and conducive to growth.　　On the other hand, the paper also points out "the new situation and new problems" of "active fiscal policy and moderately loose monetary policy", such as the decrease of fiscal revenue, the difficulty of increasing financial policy, the rapid soaring of bank loans and the rise of the public's inflation expectation. "Maintaining macroeconomic policy continuity andStability, not equal to adhere to, rigid.　　"The article points out, should" according to the situation change, promptly discovers and solves the symptom problem, unceasingly enriches and consummates the policy ". Coincidentally。　　Yesterday, Xinhua also published a "double policy" of the three key-capital perspective of the economy, comments on the economic trend and macro-regulation policy.　　Compared with the article of the People's Daily, this article is obviously biased to comment on the macro-control policy, pointing to the current "double policy" of the three major ills: private funds start weak, the real economy still need financial support, inflationary pressure looming.　　It is worth mentioning that the article published yesterday by the Xinhua news Agency should be the same as the previous day of the article (see the Morning Post July 13 A17 edition of "Inventory" double Policy "three challenges: macro-control facing dilemma") slightly modified, two degrees published.　　The newspaper reporter also noted that although the financial crisis, the state media has frequently read the macro-economy, but the two official media at the same time for economic trends, especially macro-policy tone, but not very rare. This is reminiscent of the July 22 last year, the official media qi Qi for the current macroeconomic trends to tone.　　Three days later, July 25, the Politburo meeting, the macro-control policy announced a shift. According to the plan, the official media issued three days later – also July 16, when the NBS released macroeconomic data.　　　　The same day, the NPC Financial Committee is likely to convene a meeting to judge the economic situation.　　Highlight the difficulties of these coincidences, or can be explained by the Xinhua news Agency's judgement. "How to take effective measures to make money into the real economy and play a role in the ' double policy ' is facing the outstanding problems."　　Xinhua said in an article published yesterday. In fact, for some time in the past, the most intense debates on macro-policy were probably here.　　Many people believe that the credit funds from the real economy to the property market, the stock market, not only does not help the easing policy to save the economy, on the contrary will be buried in the future pain. In this connection, a number of academics in an interview with the Morning Post yesterday, still maintain the original view that there is no inflationary pressure during the year, so monetary policy will not fundamentally turn.　　But Lianping, chief economist at Bank of Communications, also cautioned that the central bank's operational efforts in the open market would show a quarterly increase. "When GDP growth reaches or exceeds 8%, and the CPI is positive, the need to focus on future inflation risks increases the need for monetary policy to adjust." And this time estimated to appear at the end of this year central Economic work conference before and after.　　"The shift to macro policy, the CICC chief economist, has given a more specific timetable in the media interview.　　Monetary policy has not shifted, but fine-tuning has been traced. It is noteworthy that from July 8 to 9th, the central bank Governor assistant Dongrong rate research group, to Zhejiang province Ningbo and Zhoushan to carry out field research, and the Ningbo municipal Government's economic comprehensive departments, financial institutions and some enterprises to conduct a discussion, and in-depth to the Zhoushan ship manufacturing Enterprise Inspection。　　Dongrong pointed out that to strengthen the management of money and credit, reasonable grasp the direction of money and credit.　　In response, the Financial Times, published in the 13th issue of the "macroeconomic policy direction unchanged structural adjustment need to advance", said that an important direction of credit structure adjustment is to effectively promote private investment and consumption growth. On the same day, the central bank's business management team, in the central bank's Financial Times, said it should flexibly adjust interest rates and reserve ratios based on banking profitability and market liquidity. The group believes that it is important to focus on asset price fluctuations to prevent asset prices from collapsing or soaring against market confidence and macroeconomic shocks.　　At the same time, we should pay attention to the potential inflation effect of large-scale liquidity injection, make policy plan according to the economic situation, and do a good job.　　　　Looking at the above, observers point out that the next period of time, while moderate control of liquidity, the adjustment of credit to the investment, should be monetary policy "fine-tuning" meaning.　　Extension of the central bank's "fine-tuning" liquidity of local debt for the first delay issue of the morning News was originally scheduled July 13 tender for the 11.2 billion yuan local government bonds postponed issuance.　　The delayed issuance of the 11.2 billion-yuan local government debt includes the Jilin provincial government bonds (two) 2.5 billion yuan, the Guangxi Zhuang Autonomous Region (two), 3 billion yuan, the government bonds of Heilongjiang Province (two) 3 billion yuan and the Inner Mongolia Autonomous Region (two period) 2.7 billion yuan. The general explanation for the Treasury's delay in issuing local debt was that the central bank had issued a tightening signal and bond investors were now ready to wait and see if interest rates had risen.　　It can be seen that, at the time of the central bank's 8-month restart of the first year of the vote, last week's government bonds in six years, the initial tender is not full, when the weeks of the three-year billing of Treasury bonds are not full, liquidity is a tight trend can be seen. But there is also the view that 11.2 billion yuan of local debt delayed issuance, may be issued on 15th to issue 40 billion yuan three-year Treasury bonds, to avoid the issuance of a dense impact on public debt bidding.　　It is worth noting that once the rise in interest rates becomes a reality, the financing costs of central and local governments may soar in the course of implementing positive fiscal policies. Local debt was one of the bail-out measures launched in the current stimulus package, which was scheduled for completion this month.　　　　So far, local government debt has been issued 177.8 billion yuan. Set up Cross-border settlement Account "firewall" safe and tight hot money outflows morning news the state Administration of foreign exchange issued in Monday, "on the foreign Exchange account management related issues notice" (hereinafter referred to as "notice"), to unify the qualification of banks in order to establish a "firewall" between internal and external institutional accounts,　　Prevent foreign exchange accounts in foreign institutions from becoming illegal access to funds. The notice states that all Chinese and foreign banks that meet the conditions in the Territory may open foreign exchange accounts in accordance with the regulations for overseas institutions.　　"Notice" at the same time clear the foreign exchange account of the opening conditions, the scope of use and management principles. The notice regulates the identification of foreign exchange accounts of foreign institutionsidentification, balance of payments Statistics reporting rules, clear and domestic funds in accordance with the principle of Cross-border transactions audit authenticity, and the account of funds into the bank short-term external debt indicators management, without the approval of the foreign authority, not from the account or directly, disguised settlement.　　The regulation will help Chinese and foreign enterprises to improve the efficiency of capital use, ensure the safety of funds, better promote trade and investment facilitation and safeguard national financial security, said safe.　　The notice has been implemented since August 1, 2009. Earlier this month, the People's Bank of China issued cross-border trade renminbi settlement Pilot management measures implementation rules. The move is seen as a departure from the internationalisation of the renminbi, but it has also sparked fears of a massive influx of hot money through cross-border renminbi settlement in the name of trade.