央行将实施稳健的货币政策加大对实体经济的支持

China is ramping up monetary support to consolidate the country's economic recovery, with the property market showing signs of a pickup while pro-investment measures are set to take effect in the fourth quarter, said Yi Gang, the country's central bank governor.

央行行长易纲称，中国将加大货币政策支持力度来巩固经济复苏势头，房地产市场有改善迹象，支持投资措施的效果也将在四季度有所显现。

"China's monetary policy will stay accommodative to support the real economy," Yi said in an interview at the three-day Hong Kong Monetary Authority's Global Financial Leaders' Investment Summit, which opened on Tuesday. The interview was published on Wednesday by the People's Bank of China, the nation's central bank.

在11月1日开幕的为期三天的香港金融管理局国际金融领袖投资峰会上，易纲在访谈中表示，中国坚持实施稳健的货币政策，加大对实体经济的支持力度。11月2日央行发布了这一访谈实录。

Yi said the PBOC is working on supporting investment in capital expenditure and infrastructure, with the effects expected to show up in fourth-quarter economic data, alongside the central bank's efforts to provide ample liquidity, lower financing costs and offer structural support to areas such as agriculture, small businesses and green development.

易纲指出，央行正致力于支持设备更新改造和基础设施投资，效果会在四季度的经济数据中有所显现。与此同时，央行保持流动性合理充裕，推动降低社会融资成本，通过结构性货币政策工具加大对普惠小微、乡村振兴、绿色发展等领域的支持力度。

The central bank is supportive of the healthy development of the real estate sector, and sales and lending in the sector have seen marginal improvement, Yi said. "With ongoing urbanization in China, we hope the housing market can achieve a soft landing."

易纲表示，央行积极支持房地产行业健康发展，近期房地产销售和贷款投放已有边际改善。随着中国城镇化进程不断推进，相信房地产市场能实现软着陆。

Despite facing some pressures, the Chinese economy remains broadly on track and can maintain a reasonable potential growth rate thanks to the continuous urbanization and rising demand of middle-income consumers, which will keep the purchasing power and value of the renminbi stable, Yi said.

易纲指出，尽管面临一些压力，但得益于城镇化率仍有较大提升空间，中等收入阶层消费需求稳步增长，中国经济的潜在增长率将保持在合理区间，中国经济将保持长期向好的基本面，人民币币值和购买力将保持稳定。

Experts said stepped-up monetary support to boost investment is expected to buffer the downside risks of real estate weakness and COVID-19 uncertainties, helping China's economic growth to pick up in the fourth quarter.

专家称，加大对投资的货币政策支持有望缓解房地产市场疲软和疫情不稳定性带来的下行风险，有助于加快我国四季度的经济增速。

Zhou Maohua, an analyst at China Everbright Bank, said structural monetary support, including the new relending facility to support businesses in upgrading their equipment, will drive up investment in the manufacturing and infrastructure sectors.

光大银行分析师周茂华指出，包括设备更新改造专项再贷款在内的结构性货币政策工具将会拉动制造业和基础建设领域的投资。

The country's outstanding loans to real estate development reached 12.67 trillion yuan ($1.74 trillion) as of September, up 2.2 percent year-on-year, accelerating from a 0.2 percent decrease seen a quarter earlier, central bank data showed.

央行数据显示，截至9月，房地产开发贷款余额12.67万亿元，同比增长2.2%，相比上个季度0.2%的降幅有所提升。

Meanwhile, private property enterprises issued 11.74 billion yuan in debt financing instruments since the beginning of August, up 173 percent year-on-year, according to market tracker Wind Info.

与此同时，据市场追踪机构万德资讯数据显示，8月以来，民营房企发行117.4亿元债务融资工具，同比增长173%。

Still, officials and experts stressed the need to handle the pace of future accommodative steps properly amid monetary tightening in the United States and globally elevated inflation.

尽管如此，官员和专家都强调，面对美国货币紧缩和全球通胀升级，应保持稳健的货币政策。

PBOC Governor Yi said in an article that the central bank should well manage total money supply and insist on conventional monetary policy, which will facilitate reasonable growth in people's incomes and strengthen the competitive edge of renminbi assets, Securities Times reported on Wednesday.

据《证券时报》11月2日报道，央行行长易纲在一篇文章中写道，央行要管好货币总闸门，实施正常的货币政策。正常的货币政策不仅有利于促进居民收入合理增长，也有利于提高人民币资产的全球竞争力。

Conventional monetary policy refers to using standard tools like interest rate adjustments to help iron out business cycles, in contrast with unconventional policy that features aggressive campaigns like quantitative easing.

正常的货币政策指的是通过利率调整等传统工具来进行周期调节，而非常规货币政策则会采用量化宽松等激进的政策工具。

Lian Ping, chief economist at Zhixin Investment, said in an interview on Wednesday that the room for further relaxation in China's monetary policy should be prepared, given the likelihood of a global economic recession in 2024 amid US monetary tightening.

植信投资首席经济学家连平在11月2日的访谈中指出，考虑到2024年可能发生的全球经济衰退和美国的紧缩货币政策，我国货币政策应留下必要的向松调整的空间。