No change in monetary policy: central bank
Updated: 2015-03-12 15:06
Zhou Xiaochuan, head of People's Bank of China, takes questions from journalists from home and abroad during an ongoing press conference on March 12, 2015. [Photo / Xinhua]
A prudent monetary policy has not been changed, as this year's M2 growth target is still moderate, said Zhou Xiaochuan, governor of the People's Bank of China, at a press conference during the two sessions on Thursday.
Zhou said the M2, a key indicator to China's macroeconomic policy, still targets moderate growth despite certain directed monetary instruments applied.
The country lowered this year's M2 growth target 12 percent from 13 percent, said Premier Li Keqiang in his national work report to the National People's Congress, where he set the GDP growth target at about 7 percent, down from 7.5 percent in 2014.
Zhou said that the monetary tools applied by the central bank account for only a limited portion, compared with the overall size of Chinese economy.
Deposit insurance system likely in H1China will implement deposit insurance system in the first half of this year, said Zhou.
As an important process of economic reform, deposit insurance system has garnered positive results after soliciting opinions from the public, Zhou said, adding that the timing is right to implement the system.