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Monetary policy should be 'fast and heavy-handed'

By Zhang Ran (chinadaily.com.cn)
Updated: 2009-03-06 11:58

Zhou Xiaochuan, governor of the People's Banck of China, or the central bank, answers questions during a press conference on the sidelines of the 2nd session of the 11th NPC in Beijing, March 6, 2009. [Xinhua]

Chinese central bank Governor Zhou Xiaochuan pledged "fast and heavy-handed" policies to restore confidence and prevent the global financial crisis from deepening the nation's economic slump.

"If we act slowly and less decisively, we are likely to see what happened in other countries: a slide in confidence," Zhou said at a press briefing held during the second Session of the 11th National People's Congress today. "We would rather be faster and heavy-handed if it can prevent confidence slumping during the financial crisis," he said.

Zhou pointed out that the central bank has "ample room" to fine-tune monetary policy after a record surge in lending in January. And it will keep the money supply in a reasonable level in the mid-term.

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Monetary policy should be 'fast and heavy-handed'