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By Fan Jianjun, Department of Macroeconomic Research, DRC

Research Report, No.180, 2018 (Total 5455) 2018-10-26

Abstract: The paper illustrates several major issues relating to China's current monetary policy that need to be addressed. These issues are as follows. 1. The “sound and neutral monetary policy” should be appropriately interpreted. It means that the broad money supply (M2) in the real economy should maintain sound and neutral rather than the policy itself to maintain sound and neutral. 2. “Loose monetary policy” is not equivalent to “loose liquidity in the real economy.” 3. Loose monetary policy does not necessarily mean resorting to a deluge of strong stimulus policies. 4. As China’s asset market continuously grows, the monetary authorities need to fully consider the diversion and time-lagging effects exerted by the market on domestic monetary policy. 5. The authorities need to identify the reasons for unsmooth transmission of domestic monetary policy in terms of liquidity traps, administrative credit interventions as well as the diversion and time-lagging effects and inadequate implementation of the monetary policy. 6. Relevant sectors need to identify the focus of “de-leveraging” and its relations with domestic monetary policy, in other words the tightening of financial conditions and monetary policy is not an effective approach to “deleveraging.” Key words: monetary policy, transmission mechanism, deleveraging