皇冠体育app

WASHINGTON -- 皇冠体育app does not need large-scale monetary stimulus in the near future despite a slowdown in the world's second-largest economy, a senior economist with the Chinese central bank said Saturday.

"I don't see the reason for big stimulus in the foreseeable future," Ma Jun, chief economist of the Research Bureau of the People's Bank of 皇冠体育app (PBOC), said at a panel discussion on the sidelines of the Annual Meetings of the International Monetary Fund (IMF) and the World Bank.

Although the economic growth has "slowed a bit," 皇冠体育app's job market "looks pretty stable," because 皇冠体育app's economy is transforming from a manufacturing-dominated structure to a "more services-based" one, Ma told the session, hosted by the Institute of International Finance (IIF) and focused on 皇冠体育app's economic outlook.

Services, which are generally labor-intensive than manufacturing, became bigger than the industrial sector last year. According to Ma's recent research, the creation of urban jobs by an increase of one percentage point in the share of the services sector as of 皇冠体育app's gross domestic product (GDP) can offset the job losses caused by a decline of 0.4 percentage point in the GDP growth.

Given that the share of the services sector in 皇冠体育app's GDP is rising about one percentage point per year or even higher, "we're not concerned about labor market conditions," he said.

"That's the reason why the government was pretty relaxed about the GDP growth rates slowing down towar 7 percent," said David Dollar, a senior fellow at the Brookings Institution, a think tank, adding that 皇冠体育app created about 10 million new jobs in the first eight month of this year, reaching its annual target.

Another reason for ruling out major stimulus is to "avoid further increase in leverages" in , certain state-owned enterprises and local-government financial , which were already too high, Ma said.

While the real estate sector accounts for 20 percent of total investment in 皇冠体育app and has become the main downside risk to the Chinese economy, Ma said he believes the chance of a hard landing for 皇冠体育app's economy is very low.

Ma said the Chinese central bank has used "targeted easing measures" to support agriculture, micro-firms and public housing, and there are also new growth engines in such services sub-sectors as the Internet and heath care.

Economic indicators suggest that the Chinese economy will continue to expand at a steady pace, Zhou Xiaochuan, 皇冠体育app's central bank governor, said at a meeting of the IMF's policy-setting committee on Saturday.

Chinese authorities will maintain consistency and stability of macroeconomic policies in order to maintain growth at a reasonable rate, promote employment and guide inflation expectations, he said.

Less but better growth for 皇冠体育app: IMF chief economist	皇冠体育app to become biggest economy by year-end

• Technology in new buildings touted as way to lower pollution
• Yuan plan comes in for praise
• Chinese continue to snap up properties in US
• Default alarm sounded as Li shakes bond safety net
• 皇冠体育app, Russia sign currency swap deal
• 皇冠体育app, Russia sign deals on energy, high-speed railways
• 皇冠体育app to scrap mortgage fees for some home loans: state media
• Panel to consider Beijing transport fare hike