Zhou Xiaochuan: China’s economic growth is still very strong

Regarding the trade-off between China's economy and steady growth, Zhou Xiaochuan, the governor of the central bank, gave the choice of “balance point” and said that he will continue to implement a prudent monetary policy in the second half of the year and will do some appropriate structural if necessary. Fine-tuning.

In an interview broadcast on CCTV's Monday, Zhou Xiaochuan said that China's economic growth is still very strong, and there is no such thing as a so-called continuous decline.

"But we will find a balance point that not only maintains a relatively fast economic growth, but also optimizes the structure. Then there is room for reform and opening up to increase the scope of operation. And also rely on reform Open, to achieve a more rational and optimized structure." Zhou Xiaochuan said.

Many investors or local officials are still counting on the economic stimulus plan to boost the Chinese economy. There are also voices indicating that the signal given by the Chinese government is unclear, suddenly growing steadily, and suddenly adjusting the structure. However, some optimistic investors believe that the Chinese economy will be better in the long run, because the Chinese government has always been clear in direction, and ultimately it is necessary to achieve the reform goal of adjusting the economic structure.

The current Chinese government is trying to adjust the structure of economic development, while the economic growth rate continues to slow down. Scholars have different views on the relationship between the two, and they are arguably called the engine replacement. If the aircraft is replaced by an engine, it means that the speed cannot be lowered too low, otherwise the aircraft will fall. If the train does not fall, The problem can be slower.

However, Zhou Xiaochuan stated that "I do not advocate the use of so-called floating in the air or a hard landing in terms of economic growth."

Regarding the question of whether the "money shortage" in June will come again, he said that from a medium-term stage, the liquidity of the Chinese economy is generally sufficient and will not be greatly affected by short-term events.

Due to mismatch between supply and demand of funds, major repo rates in the interbank market overnight and seven days in the second half of June soared, and the weighted interest rates all exceeded 10% and reached a record high. The highest intraday trading volume hit a 30% “high price”. Afterwards, the reflection on the "money shortage" has not stopped. As for the liquidity prospects, most institutions believe that due to the lack of communication between the regulatory authorities and the market, and the lack of guidance, it is cautious about the prospect of funding.
In terms of interest rate and exchange rate marketization, Zhou Xiaochuan said that China is ready for technology and conditions, and can realize the marketization of deposit interest rates as soon as possible, and hopes that the RMB exchange rate will gradually move toward a two-way fluctuation range.

Zhou Xiaochuan also said in an interview that in the future, large Chinese companies may be more inclined to issue debt financing, and banks will pay more attention to SMEs and three rural loans.

Le Watching Internet Finance

Due to factors such as regulatory gaps, the rapid development of Internet finance is also controversial. Zhou Xiaochuan admits that Internet finance is risky. Some things are inconsistent with current laws and regulations, but they must maintain a normal attitude and support innovation.

Zhou Xiaochuan, a doctoral tutor, said that he first told his graduate students to study the topics of "Internet finance" and "Internet banking."

"My attitude towards Internet finance is optimistic. Internet banking business, online banking business has become very popular... Internet-based third-party payment, personally think there is already a relatively obvious (development) trend, and the current supervision is still in Within the scope of observation," he said.

For Internet finance that continues to provoke traditional financial nerves, Liu Shiyu, deputy governor of the People's Bank of China, said in public last week that the industry needs supervision as a basic consensus, but how to supervise and supervise, and also need to do a lot of investigation and certification. .

When asked if there was a third-party payment account and mobile payment experience, Zhou Xiaochuan said with a smile, "Of course there is."

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