“Currently, the main problem that China faces is slowing economic growth, safeguarding growth is the top priority,” Yu Yongding, an influential government economist who previously advised the PBOC, told Reuters.
Shortly before weak data was released on Monday, the PBOC unexpectedly cut the rate on its medium-term lending facility for the second time this year, by 10 basis points. It also cut its reverse repo rate by the same margin. Both were already at record lows. The central bank already has slashed the average RRR level to 8.1 percent from 14.9 percent in early 2018, pumping a staggering 9 trillion yuan into the economy.The PBOC may instead use structural policy tools, such as low-cost loans, to give targeted support to ailing small firms and sectors favored by state policies, they said.
On Tuesday, Premier Li Keqiang said that Beijing will step up policy support for the economy and take more steps to spur consumption and investment. But while Chinese policymakers may quietly accept lower growth without publicly revising the target, they have stressed they still want to achieve the “best possible results”, counting on fiscal policy measures — particularly infrastructure spending — to spur activity in a politically sensitive year, policy insiders said.
In its second-quarter policy implementation report published last week, the PBOC said China should learn a lesson from the “misjudgment” of Western central banks on soaring inflation.
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