Chinese Regulators Shift Mandate as 2012 Global Outlook Disappoints
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In an effort to protect the nation from the troubling economic crisis in Europe, Chinese officials announced a shift to focus on expanding domestic demand.
While controlling inflation has been the main goal of Chinese regulators over the past year, the slowing global economy has begun to affect the country’s domestic growth.
The country’s financial leaders also noted plans to allow for needed funding for railway development, according to the WSJ. China’s railway system has been facing public scrutiny since a high-speed train crash over the summer which claimed many lives. Like many other political segments within China, rumors of corruption also circle the railway ministry.
The country’s leaders have been encouraging lending to ensure domestic growth; during the third quarter, China’s lending averaged $500 billion yuan per month. China announced it will be looking to keep the exchange rate for the yuan basically stable.
While controlling inflation has been the main goal of Chinese regulators over the past year, the slowing global economy has begun to affect the country’s domestic growth.
The country’s financial leaders also noted plans to allow for needed funding for railway development, according to the WSJ. China’s railway system has been facing public scrutiny since a high-speed train crash over the summer which claimed many lives. Like many other political segments within China, rumors of corruption also circle the railway ministry.
The country’s leaders have been encouraging lending to ensure domestic growth; during the third quarter, China’s lending averaged $500 billion yuan per month. China announced it will be looking to keep the exchange rate for the yuan basically stable.
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