Economy

Monetary policy should have multiple goals: PBOC chief

(Xinhua)
Updated: 2009-12-22 20:41

BEIJING: Monetary policy should be made to meet multiple objectives rather than focus only on fighting inflation, Zhou Xiaochuan, governor of the People's Bank of China, the central bank, said Tuesday.

China's monetary policy covered four considerations, Zhou said at a forum on development and reform in China's financial sector in Beijing, referring to low inflation, economic growth, employment and balance of international payments.

Conflicts could occur with multiple objectives, so a balance should be found, he said.

"The practice of China is proper and effective in combating the global economic crisis," he said, adding it would change with time and need more study.

He said the central bank would also support pricing reform in resources, energy, housing and public transportation sectors when making policies.

The one-day forum, organized by China Society For Finance and Banking, attracted big names in the country's financial sector, including deputy governor of the central bank Hu Xiaolian, top banking regulator Liu Mingkang, top securities regulator Shang Fulin, and chairman of the Industrial and Commercial Bank of China Jiang Jianqing.