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Yao Jingyuan: Rising Prices Are Basically Monetary Issues.

2010/12/2 14:29:00 47

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In view of the recent rise in prices, Yao Jingyuan, chief economist of the National Bureau of statistics, said at a Sohu entrepreneur's meeting in 2010, "in the final analysis, price inflation is ultimately a" currency issue ". To stabilize the current prices, we must adopt"

Combined boxing

"The way to deal with it is not a single way."

Yao Jingyuan

From the perspective of domestic factors, price rise is, in the final analysis, a monetary issue.

"In recent years, the money supply in China has been very abundant. Especially in 2008, in order to overcome the world financial crisis, the world has increased liquidity by combating the currency crisis. In 2009, we issued 10 trillion credit, and the growth rate of M2 was 27.7%.

The large increase in money in circulation leads to the inevitable rise of prices.

Apart from monetary factors, from the fourth quarter of last year to this year's natural disasters is also a major factor contributing to price inflation.

"In the fourth quarter of last year, the southwest encountered drought for a hundred years. Spring was cold in the spring, flooding in summer. Then, earthquakes, landslides and severe natural disasters had a great impact on the supply of agricultural products."

From the perspective of international factors, Yao Jingyuan believes that we should be vigilant against imported inflation.

"Import"

Inflation

Attention must be paid to the implementation of loose monetary policy, which has led to a surge in commodities on the market. For example, wheat and corn have risen 57% this year, rice has increased by 45%, sugar consumption has increased by 55%, and oil prices have risen.

China is a big importer, and imported inflation has a great impact on China's economy. "

In order to stabilize the current prices, Yao Jingyuan believes that in combination with the 16 measures to stabilize prices that the State Council has promulgated recently, we must adopt the "combined boxing" approach to deal with it. First, we should guarantee the volume and stabilize prices, increase supply from every aspect of production, circulation, reserve and import and export; two, we should do everything possible to reduce the circulation cost; three, we must improve the subsidy system; four, we must maintain market order and avoid the spread of information that destroys the normal market.

Reporters also learned today that Ma Delun, deputy governor of the people's Bank of China, answered questions from reporters at the Sino Russian financial cooperation press conference. He said that the central bank has been paying close attention to economic indicators such as prices, liquidity and economic growth, and will take corresponding measures according to the different situations.

It is understood that since the beginning of this year, the central bank has adopted monetary policy tools, including raising the deposit reserve ratio, raising interest rates and opening market operations. These measures help to guide the public and market expectations, and achieve better policy results.