Central bank: monetary and credit policy proved effective

The Monetary Policy Committee of the People's Bank of China held its regular meeting for the third quarter of 2004 in Beijing. The Committee concluded that the monetary and credit policy has taken effect and the operation of the policy has been basically in tune with the expected steady growth of the credit.

After analyzing the current economic and financial situation, the Committee decided to use various monetary tools on the principle of strengthening and improving the macro-control to make the macro-control go on properly and effectively.

The market system should be given full play to the resources collocation. The amount of monetary credit to be extended will be subject to rational control. Financial services should be improved. And the credit structure should also be optimized.

By People's Daily Online