China Controlling Credit Growth
BEIJING -- China's fast credit growth is under control, though consumer inflation still faces pressure, a central-bank official said.
Su Ning, a vice governor of the central bank of China, reiterated that the government will continue its prudent monetary policy while it aims to further liberalize the interest-rate system. He made the comments Thursday in a speech delivered to a financial forum in Beijing.
Credit has been growing rapidly in China, raising concerns over excessive investment. In January through October, China's new yuan-denominated loans totaled 2.78 trillion yuan ($353.26 billion), already exceeding the central bank's full-year target of 2.5 trillion yuan.
Consumer prices, meanwhile, rose 1.4% in October from a year earlier. Prices rose 1.5% in September. But government officials have cautioned that inflationary pressures remain.
From: Wall Street Journal, by TRACY ZHENG
Date: November 24, 2006 Back