2009年12月31日

温家宝谈通胀和房价 Wen Addresses Inflation, Real Estate

少见地接受国内媒体专访时,中国总理温家宝谈到了国内不断升温的通胀预期,对房地产价格的高速上涨表达了担忧,并承认中国政府可能正在为其应对全球金融危机的激进措施付出代价。

Sipa Press
中国总理温家宝
周日温家宝接受了官方新华通讯社的专访。他直率地反驳了国外对中国汇率政策越来越多的批评,表示人民币币值的稳定对全球经济有利,且中国不会屈从于压力而让人民币升值。他说:"在世界主要货币接连贬值的情况下,人民币保持币值的基本稳定是对国际社会的贡献。"

经济学界正在观望,这个世界上增长速度最快的主要经济体会不会收紧信贷。到目前为止,中国政府基本没有采取措施转变通过银行贷款和政府支出刺激经济增长的政策方向。但它已经采取了越来越多的步骤来传达出不容忍出现过剩的信号──这一点也得到了温家宝的强调。

专访在中国政府高层所在地北京中南海进行。温家宝警告说,一些城市房价上涨"过快",需要政府"高度重视"。他表示,应对高房价的措施包括打击哄抬房价和囤地行为,也可能包括调整利率。他在这次两小时的采访中承认,今年早些时候太多的银行放贷可能会造成一些经济上的代价。

温家宝没有具体阐述中国政府打算怎样扭转更广范围内的通胀预期。他认为,通胀预期反映的是国际大宗商品价格的上涨和国内扩张性的货币发行。但他也留出余地,表示将"根据形势发展的变化,来调整我们的政策和方针"。

温家宝说,我们现在还没有出现通货膨胀,但是我们要预见到通胀有可能出现,要将物价保持在一个合理的区间。

温家宝的言论与中国政府现有立场不矛盾,但有可能吸引关注,因为中国领导人很少接受媒体专访,即使是新华社这样的官方媒体。

他对汇率问题的讲话正值海外对人民币汇率的抱怨再度抬头之际。批评者说,中国政府人为压低人民币汇率,使其出口产品价格低于低于国外竞争对手的价格。随着中国经济近几个月重新恢复了增长动力和出口走强,许多经济学家说,中国明年很可能允许人民币开始升值。

温家宝的讲话不可能遏制这种猜测。他没有明确排除升值,只是说不会因为国外的压力而升值。

温家宝的讲话大部分都同中国强有力地应对全球金融危机和2008年11月推出的4万亿元(5,860亿美元)支出方案有关。他总结说,全国人民应该引以为自豪。

他说,通过全国人民一年的努力,我们稳住了经济、稳定了就业,保持了社会的安宁,这是我心里感到慰藉的地方。

温家宝总理似乎承认在一些领域做出的反应有些过火,尤其是银行贷款,这种观点看来导致了2009年下半年银行贷款增速的放缓。

温家宝说,应对这样一场大的危机,可能需要付出一些代价,也会遇到意想不到的一些困难。如果我们信贷保持得更平衡一些,结构更合理一些,规模更适当一些,那就好。他还说,下半年的情况有所好转。按照官方数据,贷款尚未引发通货膨胀,不过价格已经开始上涨。基本没有经济学家认为,近期会大幅收紧信贷。显然温家宝的语言比起以往表达的对经济可能过热的担忧来说较为温和,例如在2007年初,他曾说中国经济是"不稳定、不平衡、不协调、不可持续的" 。

此前,中国国家统计局上周五说,修改了去年的官方经济数据,显示去年的经济增速更高、更以服务业为基础,也比以往的预期更接近于取代日本成为世界第二大经济体。

国家统计局说,中国2008年的国内生产总值是人民币31.405万亿元,约合4.6万亿美元,比此前预计的30.067万亿元高出了约4.5%。当年的实际经济增长率从9%修正到9.6%。国家统计局说,最新数字能够更好地反映服务业在经济中所占的比重之高。

James T. Areddy / Shen Hong

(更新完成)



Chinese Premier Wen Jiabao discussed growing inflation expectations in his nation, expressing concerns in a rare domestic media interview about fast-rising real estate prices and acknowledging that Beijing may be paying a price for its aggressive response to the global financial crisis.

Speaking to the state-run Xinhua news agency Sunday, Mr. Wen flatly rejected rising foreign criticism of China's exchange-rate policy, saying that stability in the yuan's value helps the global economy and that China won't bow to pressure to let the yuan appreciate. 'Keeping the yuan's value basically steady is our contribution to the international community at a time when the world's major currencies have been devalued,' Mr. Wen said.

Economists are watching for tightening credit in China, the world's fastest-growing major economy. So far, the government has done little to reverse policies aimed at stimulating growth through bank lending and government spending. But it has taken increased steps to signal excesses won't be tolerated -- a point Mr. Wen reinforced.

Speaking in the government's leadership compound in Beijing, Mr. Wen warned that property prices are rising 'too quickly' in some cities, a situation demanding 'great attention' from the government. He said that tackling these high prices includes cracking down on price gouging and land hoarding, as well as possible interest-rate adjustment. And he acknowledged in the two-hour interview that too much bank lending earlier in the year may have economic costs.

The premier didn't specify how Beijing intends to deflect broader inflation expectations, which he said are reflected in higher global commodity prices and expanding Chinese money supply. But he left the door open to adjust policy 'according to changes in situation.'

'China is not facing an inflation issue for the moment,' Mr. Wen said. 'But we should foresee such possibility and maintain consumer prices at a reasonable range.'

Mr. Wen's comments weren't a departure from existing government positions, but they are likely to gain attention because Chinese leaders rarely sit for media interviews, even with state outlets like Xinhua.

His comments on the currency come amid renewed foreign complaints about the yuan's value, which critics say Beijing keeps artificially low to make its exports less expensive at the expense of foreign competitors. As China's economic growth has gained momentum in recent months, and exports have strengthened, many economists have said it looks more likely that Beijing will let the yuan start appreciating next year.

Mr. Wen's remarks won't likely dampen that speculation. He didn't explicitly rule out appreciation, instead saying only that no such change would occur because of foreign pressure.

Much of what Mr. Wen said dealt with China's powerful response to the global financial crisis and the impact of the four trillion yuan ($586 billion) package of spending launched in November 2008. He said on balance the program should make the nation 'proud.'

'We have stabilized economic growth and employment and maintained social stability over the past one-year period, which is a comfort to me,' he said.

The premier appeared to acknowledge the response was too strong in some areas, in particular bank lending, a view that appeared to result in slower lending growth in the second half of 2009.

'We will have to pay some price and face some unexpected difficulty in tackling such a big crisis,' he said. 'It would be good if our bank lending was more balanced, better structured and not on such a large scale,' Mr. Wen said. He added the situation 'has been improving in the second half of this year.' By official measures the lending hasn't yet fueled inflation, although prices have started to rise. Few economists see credit tightening substantially in the near term. And certainly Mr. Wen's language was mild when compared with past expressions of concern about possible overheating in the economy, for instance in early 2007 when he declared China's economy was 'unstable, unbalanced, uncoordinated and unsustainable.'

Mr. Wen's comments came after China's National Bureau of Statistics on Friday reported revisions to official data that showed its economy last year was faster-growing, more services-based and closer to overtaking Japan as the world's second-largest economy than previously estimated.

The bureau said that China's 2008 gross domestic product was 31.405 trillion yuan, or around $4.6 trillion, about 4.5% larger than the previous estimate of 30.067 trillion yuan. Real economic growth for the year was revised to 9.6% from 9%. The bureau said the updated numbers better reflect how big services are as a portion of the economy.

James T. Areddy / Shen Hong


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