3月13日，我院副院长朱宁教授做客CCTV NEWS《Biz Asia》栏目，就当天举行的周小川行长“货币政策与金融改革”记者招待会进行解读点评。

Monetary Policy & Finacial Reforms

I think reform and openness are still the major take ways of things from I think the responses in the media conference. I think Mr Zhou Xiaochuan in particular mentioned quite a few things about for the reforms both in the market-determined interest rate and the internationalization of the RMB, so I think reforms seems to be on going agenda for the entire financial sector. And also I think by pushing forword the further reform in the internationalization of RMB and in generating more market-determined interest rate, I think it is the tension between the market and international financial market which will make a stronger case for having the greater flow under the capital camp.

Continuity of Financial Reforms

I think continuities definitely critical to such a complex project and I think Mr Zhou Xiaochuan's experience and given his ability that has been demonstrated in the past financial crisis. The past course of financial reform in China, I think it really important that we have the continuity not only in the policy but also the possibility in the leadership for a while coming forward.

Tools to Sustain Economic Growth

I think they have been a lot of discussions about the change or the shift in the economic growth model and I think there are probably a few errors that have been mentioned in the premier's report to the congress. One of the urbanization, I think, what there are still very different interpretations of what is exactly can be expected from the urbanization but I think it is very important to keep in mind that we still have a lot of the populations living in the countryside and not only will they move into the city, but also the key question is how to make the countryside more like the cityside and how to improve the quality of the life of people who are living in the countryside in China, something that will be one major direction for future policies. And another is what China has not been very successful in doing in the past three decades is how to boost those knowledge-based economy, how to encourge and stimulate further technology innovation and scientific growth, I think that will be in the end the driver for growth.

Timetable for Financial Reforms

I think it is a very difficult task especially given the housing prices and the pollution problem, so it require not only determination from the policy maker but also a lot of coordination and planning from not only the financial leaders but also leaders from other cabinet department and administration.

Property Prices and Inflation

The central bank major goal is to keep the price level, so I think it very natural and stainable that Mr Zhou Xiaochuan and PBOC leaders put more emphases on CPI, and also it is important to keep mind that housing prices is not counted in the CPI, it is not just located in China, across the world, it is a rent which is the cause of living that is counted in the CPI. So for that matter, I don't think property prices necessarily the top of agenda for the central bank, I think actually it bigger problem for the society rather than for the policy making in monetary policies.