国内英语资讯:Economic Watch: China treads carefully to tame financial cycles
<p><span word="BEIJING">BEIJING</span>, <span word="Nov">Nov</span>. 26-- <span word="While">While</span> <span word="the">the</span> <span word="market">market</span> <span word="debates">debates</span> <span word="China">China</span>'<span word="s">s</span> <span word="latest">latest</span> <span word="round">round</span> <span word="of">of</span> <span word="economic">economic</span> <span word="growth">growth</span>, <span word="national">national</span> <span word="regulators">regulators</span> <span word="are">are</span> <span word="focusing">focusing</span> <span word="on">on</span> <span word="an">an</span> <span word="equally">equally</span> <span word="important">important</span> <span word="factor">factor</span> <span word="of">of</span> <span word="the">the</span> <span word="economy">economy</span>: <span word="financial">financial</span> <span word="cycles">cycles</span>.</p><p><span word="In">In</span> <span word="its">its</span> <span word="latest">latest</span> <span word="quarterly">quarterly</span> <span word="monetary">monetary</span> <span word="policy">policy</span> <span word="implementation">implementation</span> <span word="report">report</span>, <span word="the">the</span> <span word="People">People</span>'<span word="s">s</span> <span word="Bank">Bank</span> <span word="of">of</span> <span word="China">China</span> (<span word="PBOC">PBOC</span>) <span word="devoted">devoted</span> <span word="a">a</span> <span word="special">special</span> <span word="column">column</span> <span word="to">to</span> <span word="this">this</span> <span word="concept">concept</span>, <span word="describing">describing</span> <span word="it">it</span> <span word="as">as</span> <span word="an">an</span> "<span word="increasingly">increasingly</span> <span word="significant">significant</span> <span word="issue">issue</span>" <span word="that">that</span> <span word="should">should</span> <span word="be">be</span> <span word="dealt">dealt</span> <span word="with">with</span> <span word="macro">macro</span>-<span word="prudential">prudential</span> <span word="approaches">approaches</span> <span word="to">to</span> <span word="prevent">prevent</span> <span word="systemic">systemic</span> <span word="risks">risks</span>.</p><p>"<span word="While">While</span> <span word="traditional">traditional</span> <span word="monetary">monetary</span> <span word="policy">policy</span> <span word="can">can</span> <span word="address">address</span> <span word="instability">instability</span> <span word="during">during</span> <span word="economic">economic</span> <span word="cycles">cycles</span>, <span word="it">it</span> <span word="is">is</span> <span word="not">not</span> <span word="effective">effective</span> <span word="enough">enough</span> <span word="to">to</span> <span word="balance">balance</span> <span word="controls">controls</span> <span word="on">on</span> <span word="economic">economic</span> <span word="cycles">cycles</span> <span word="and">and</span> <span word="financial">financial</span> <span word="ones">ones</span>, <span word="which">which</span> <span word="are">are</span> <span word="caused">caused</span> <span word="by">by</span> <span word="the">the</span> <span word="expansion">expansion</span> <span word="and">and</span> <span word="contraction">contraction</span> <span word="of">of</span> <span word="financial">financial</span> <span word="variables">variables</span>," <span word="the">the</span> <span word="central">central</span> <span word="bank">bank</span> <span word="said">said</span>.</p><p><span word="The">The</span> <span word="global">global</span> <span word="financial">financial</span> <span word="crisis">crisis</span> <span word="showed">showed</span> <span word="that">that</span> <span word="traditional">traditional</span> <span word="economic">economic</span> <span word="indicators">indicators</span>, <span word="like">like</span> <span word="GDP">GDP</span> <span word="growth">growth</span> <span word="and">and</span> <span word="the">the</span> <span word="inflation">inflation</span> <span word="rate">rate</span>, <span word="were">were</span> <span word="not">not</span> <span word="necessarily">necessarily</span> <span word="linked">linked</span> <span word="with">with</span> <span word="financial">financial</span> <span word="stability">stability</span>.</p><p><span word="Before">Before</span> <span word="the">the</span> <span word="U">U</span>.<span word="S">S</span>. <span word="subprime">subprime</span> <span word="mortgage">mortgage</span> <span word="crisis">crisis</span> <span word="in">in</span> 2007, <span word="though">though</span> <span word="the">the</span> <span word="global">global</span> <span word="economy">economy</span> <span word="was">was</span> <span word="on">on</span> <span word="a">a</span> <span word="strong">strong</span> <span word="rise">rise</span> <span word="with">with</span> <span word="steady">steady</span> <span word="inflation">inflation</span>, <span word="skyrocketing">skyrocketing</span> <span word="stock">stock</span> <span word="markets">markets</span> <span word="and">and</span> <span word="house">house</span> <span word="prices">prices</span> <span word="sowed">sowed</span> <span word="the">the</span> <span word="seeds">seeds</span> <span word="of">of</span> <span word="the">the</span> <span word="crisis">crisis</span>.</p><p>"<span word="When">When</span> <span word="economic">economic</span> <span word="and">and</span> <span word="financial">financial</span> <span word="cycles">cycles</span> <span word="do">do</span> <span word="not">not</span> <span word="move">move</span> <span word="in">in</span> <span word="sync">sync</span>, <span word="they">they</span> <span word="may">may</span> <span word="lead">lead</span> <span word="to">to</span> <span word="different">different</span> <span word="or">or</span> <span word="even">even</span> <span word="adverse">adverse</span> <span word="effects">effects</span>, <span word="thus">thus</span> <span word="making">making</span> <span word="macro">macro</span>-<span word="policies">policies</span> <span word="conflicting">conflicting</span> <span word="and">and</span> <span word="ineffective">ineffective</span>," <span word="the">the</span> <span word="PBOC">PBOC</span> <span word="report">report</span> <span word="said">said</span>.</p><p><span word="The">The</span> <span word="central">central</span> <span word="bank">bank</span>'<span word="s">s</span> <span word="concern">concern</span> <span word="is">is</span> <span word="in">in</span> <span word="line">line</span> <span word="with">with</span> <span word="many">many</span> <span word="other">other</span> <span word="governments">governments</span> <span word="and">and</span> <span word="international">international</span> <span word="institutions">institutions</span>, <span word="who">who</span> <span word="warn">warn</span> <span word="that">that</span> <span word="the">the</span> <span word="ups">ups</span> <span word="and">and</span> <span word="downs">downs</span> <span word="of">of</span> <span word="financial">financial</span> <span word="cycles">cycles</span> <span word="may">may</span> <span word="span">span</span> <span word="economic">economic</span> <span word="ones">ones</span>, <span word="and">and</span> <span word="could">could</span> <span word="even">even</span> <span word="lead">lead</span> <span word="to">to</span> <span word="a">a</span> <span word="future">future</span> <span word="crisis">crisis</span>.</p>
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