Kina lægger dermed op til en hel anden finansiel løsning på coronakrisen end resten af verden. Kina vil ikke holde kunstigt liv i økonomien med ekstrem lav eller negativ rente eller enorm lånefinansiering af statens underskud. En topleder i den kinesiske økonomi, Guo Shuqing, der er partisekretær i centralbanken, sagde på et møde i dag, at Kina ikke vil indføre negative renter, finansiere underskud med låneoptagelse eller pumpe enorm likviditet i økonomien. Han sagde, at de lande, der har store stimuli-programmer, bør overveje de negative konsekvenser. Coronakrisen kan have meget lange virkninger, og regeringerne bør have råderum for fremtidige udfordringer, sagde han.
Uddrag fra Fidelity/Dow Jones:
China Won’t Monetize Fiscal Deficit, Top Financial Regulator Says
BY DOW JONES & COMPANY, INC. | ECONOMIC | 01:33 AM EDT
China won’t monetize its fiscal deficit or adopt negative interest rates to counter shocks from the coronavirus pandemic, a top financial regulator said Thursday.
Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission and party secretary of the nation’s central bank, said Beijing values its monetary and fiscal room and won’t flood the economy with massive liquidity.
The remark came in the wake of debates over whether China’s central bank should follow its global peers in purchasing government bonds directly.
In a financial forum, Mr. Guo said countries that are weighing ramping up stimulus measures should reconsider given their diminishing effects. The world might have to live with the pandemic for a longer period and governments should reserve some policy room for future challenges, he said.
China raised its fiscal-deficit ratio to 3.6% of its gross domestic product this year, but its overall stimulus package fell well short of many other big economies. The Chinese economy shrank 6.8% in the first quarter from a year earlier, its first contraction in decades.
At the same forum, People’s Bank of China Gov. Yi Gang said the country’s economic indicators showed signs of improvement in the second quarter and the central bank will keep liquidity ample for the rest of the year. He said he expects about 20 trillion yuan ($2.823 trillion) of new bank loans in 2020, up from CNY16.8 trillion issued in 2019.
China’s central bank on Thursday cut the interest rate on its 14-day reverse repurchase agreements by 20 basis points, in a bid to guide financing costs lower. In addition, the country’s cabinet said it would lower banks’ reserve- requirement ratio again to free up more funds for banks to lend.
Mr. Yi also said the financial-support measures are temporary, aimed at countering the economic downturn amid the coronavirus pandemic. The central bank will pay close attention to the side effects of these measures and begin plans to to exit its stimulus, he said.
