bank interest rate not change

Byzjx

Updated Wed, 30 Jun 2004 00:00:00 GMT

Spokesman of Chinese reform committee, Mr. Chaoyushu said, China received good achievement through macro controlling, the controlling is in crucial time now, and Chinese reform committee would change their policy recently, so within short time, they would not adjust bank interest rate. Mr. Chao said they would think over interest rate problem and no new measure now.

News background: macro controlling
On ninth April 2004, this macro controlling began to be implemented. Following is detail:
a. Increase deposit reserve rate twice, only in twenty days, deposit reserve rate rise by 0.5 percent point, and reduce basic currency 110 billion Yuan.
b. Stop land using permitting, since May 2004, don’t permit farm landing changing to non-farm landing, don’t supply land to cement, steel industry, exclusive building projects and other landing projects.
c. Clean up fixed investment, since May 2004, it took one and a half month to clean up all projects, which are in building or will build.
d. Adjust capital proportion of some fixed asset investing, in cement and landing exploring industry, capital proportion rise to more than 35 percent.
e. Increase power price in whole country, carry different price in   industry with energy consumption.
f. Encourage and support food producing, institute a series of food measure, such as giving subsidy, good seed subsidy to farmers, open food market roundly.