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M2 and aggregate financing should match GDP growth – government work report

Premier Li Keqiang said in the government work report delivered to the National People's Congress on Tuesday that "the prudent monetary policy should be neither too tight nor too loose".

The language compares with "the prudent monetary policy should be maintained neutral" in the government work report in 2018. The word "neutral" was removed this year.

The estimate for growth in M2, the country’s broadest measure of money supply, was missing from the  report for the second straight year, a move that may reflect the central bank’s efforts to downplay the importance of M2 as an indicator . . .

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