China's economic growth maintains strong momentum: central bank report

The momentum of China's economic growth remains strong as the country rolls out policies to develop strategic emerging industries, accelerate the construction of low-income homes and encourage private investment, according to a report of the People's Bank of China (PBOC), China's central bank.


Together with regional development strategies, increased consumption and ongoing urbanization have provided abundant energy for the country's economic growth, the PBOC said in its 2010 China Regional Financial Operation Report.


However, the report warned of risks posed by slumping growth in some developed economies, as well as risks created by the sovereign debt crisis, increasing global liquidity, rising international commodity prices and inflation pressures in emerging markets.


The country also faces resource and environmental constraints in the domestic market, as well as pressure to transform its economic growth pattern and create sustainable economic growth, the report said.


The country's regional financial institutions will continue to implement prudent monetary policies and manage the relationship between economic growth and inflation, it said.


They will also strive to maintain a reasonable overall financing scale, maintain steady control over the country's credit supply and increase innovation, it added.


Regional financial institutions will work to improve financial supports for strategic emerging industries and environmentally-friendly industries while tightening credit for heavily-polluting industries, it said.


In addition, they will continue to implement differentiated credit policies to support housing consumption and promote the healthy development of the property market, it said.
(Source:http://news.xinhuanet.com)