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Strategies & Market Trends : China Warehouse- More Than Crockery -- Ignore unavailable to you. Want to Upgrade?

To: RealMuLan who wrote (4038)	1/1/2005 7:15:47 PM
From: RealMuLan	Read Replies (2) \| Respond to of 6370

China pledges faster money reforms Friday, December 31, 2004 Posted: 0223 GMT (1023 HKT) BEIJING, China (Reuters) -- China's central bank governor pledged on Friday to speed up financial reforms and promote fast and sustainable economic growth in the New Year. "2005 will be a crucial year for implementing the scientific development concept, consolidating achievements in macro-economic controls and maintaining sound momentum in economic and social development," Zhou Xiaochuan said in a New Year message posted on the bank's Web site: www.pbc.gov.cn. The People's Bank of China would "quicken its steps in pushing forward reforms of financial firms and improve financial market systems," Zhou said. Chinese leaders have been promoting the "scientific development concept," stressing balanced, sustainable growth and the need to narrow the wealth gap and improve social welfare. Zhou reiterated that the central bank would implement a stable monetary policy next year to help "continue healthy economic growth in a fast and balanced way." The central bank, which has tightened credit in recent months to slow growth, will meet the heads of the country's main banks next week to discuss widely watched macro-economic targets and other financial issues. Government sources have said the government will target 8 percent economic growth and 4 percent inflation in 2005. China injected a total of $45 billion into Bank of China and China Construction Bank in December 2003 as part of a reform package aimed at writing off mountains of bad debt and transforming the two banks into sound financial institutions. Analysts widely expect China to inject more capital into its biggest commercial bank, Industrial and Commercial Bank of China, as a next step in the pilot reform programme. The reforms have gained urgency as China is due to open fully its banking sector to foreign giants in late 2006 under World Trade Organisation commitments. edition.cnn.com