Full Text of the 30 Financial Measures: The State Council's Office Issues the 30 Financial Measures
People's Governments of all provinces, autonomous regions, and municipalities directly under the Central Government, all Ministries and Commissions of the State Council, and all subordinate institutions:
In order to respond to the impact of the international financial crisis, implement the ten measures proposed by the Party Central Committee and the State Council for further expanding domestic demand and promoting economic growth, conscientiously execute a proactive fiscal policy and an appropriately loose monetary policy, increase financial support, and promote steady and relatively fast economic development, the following opinions are hereby proposed with the approval of the State Council:
I. Implement an appropriately loose monetary policy to promote stable growth in money and credit
(1) Maintain sufficient liquidity in the banking system to promote stable growth in money and credit. In accordance with the needs of economic and social development, create a moderately loose monetary and credit environment, setting the total monetary supply target for 2009 at a growth rate approximately 3 to 4 percentage points higher than the sum of GDP growth and inflation. Strive for a broad money supply growth of around 17% for the whole year. Closely monitor changes in the total amount and distribution of liquidity, appropriately reduce the intensity of open market operations, discontinue the issuance of 3-year central bank bills, and lower the frequency of issuance for 1-year and 3-month central bank bills. Adjust monetary policy operations as appropriate based on domestic and international conditions.