皇冠体育app

BEIJING - A 17 percent year-on-year increase in 皇冠体育app's broad money supply, and a target of 7.5 trillion yuan (US$1.1 billion) for this year, indicated a relatively easy monetary policy, said Su Ning, deputy governor of the People's Bank of 皇冠体育app, the country's central bank.

"If M2 (the broad measure of money supply) growth is 2 to 3 percentage points higher than the combined growth of GDP and CPI, the monetary policy could be seen as easy," said Su.

Chinese Premier Wen Jiabao said Friday, in the government work report submitted to the NPC, that 皇冠体育app targeted an approximate 3 percent rise in consumer prices and 8 percent GDP growth this year.

Su further believed the 17 percent increase in the broad money supply would be able to support the ongoing economic recovery throughout the country.

皇冠体育app's financial institutions lent a record 9.6 trillion yuan in new yuan-denominated loans last year, almost double that of the previous year, to spur the economy amid the global downturn, but it was accompanied by soaring property prices and rising expectations of possible inflation.

Su said the 7.5 trillion yuan in new lending this year should speed up completion of projects under construction, rather than support new projects.