Summary
[Central Bank: It is expected that my country’s economic growth rate will still be faster than that of major developed economies this year]According to China.com, on January 18, Liu Guoqiang, deputy governor of the People’s Bank of China, said at a press conference of the State Council Information Office that from an international perspective, my country’s epidemic prevention and control situation is still relatively good, and economic growth is relatively resilient. It is expected that my country’s economic growth rate will still be faster than that of major developed economies this year. In this case, the denominator will remain relatively large, which will better maintain the macro leverage ratio in the future. Levels create the conditions. We will adhere to systematic thinking, overall planning and coordination, based on serving high-quality economic development, and implement cross-cycle monetary policy. (Interface News)
According to China Net, on January 18, the Chinese peopleBankVice President Liu Guoqiang said at a press conference of the State Council Information Office that in 2021, under the background of scientific and effective epidemic prevention, remarkable results have been achieved in stabilizing leverage and promoting growth. In 2021, my country’s macro leverage ratio will be 272.5%, 7.7 percentage points lower than that at the end of 2020. If viewed quarterly, the leverage ratio has declined for five consecutive quarters.There are both numerator and denominator factors affecting the macro leverage ratio. The numerator is total debt, and the denominator isGDP(GDP), that is, macro leverage is total debt divided by GDP. In terms of the numerator, the total debt level was generally stable last year. The GDP as the denominator expanded significantly, and the growth rate was relatively fast. Especially compared with 2020, the GDP growth rate has accelerated significantly, which has a very prominent effect on reducing leverage. my country’s epidemic prevention and control is effective, the national economy continues to recover, and development resilience continues to increase. When these factors are brought into play, GDP growth will be faster, the denominator will be larger, and the macro leverage ratio will drop.
It is expected that the macro leverage ratio will remain basically stable in 2022. The Central Economic Work Conference pointed out that in 2022, economic work must be stable and steady, and macro policies must be stable and effective to enhance the endogenous driving force for development. The current macro leverage ratio continues to decline, creating space for the financial system to increase support for small and micro enterprises, technological innovation, and green development in the future.Five quarters of macro leverage declines for the futurecurrencyPolicies create space, and the lower the leverage, the greater the space. From an international point of view, my country’s epidemic prevention and control situation is relatively good, and its economic growth is relatively resilient. It is expected that my country’s economic growth rate will still be faster than that of major developed economies this year. It is good to maintain the macro leverage ratio level and create the conditions. We will adhere to systematic thinking, overall planning and coordination, based on serving high-quality economic development, and implement cross-cycle monetary policy.
(Article source: Interface News)
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