Money growth accelerated in the first eight months, with M2 and M1 up 28.5 percent and 27.7 percent respectively, resulting in a credit growth of 34.1 percent. The renminbi exchange rate remained stable. The domestic demand has become the dominant source of growth.
The package of macroeconomic measures in response to the global financial crisis – suited to the Chinese circumstances – has proven to be timely, forceful, and effective, and has helped reverse the sharp decline in growth. The projected growth target for this year is within reach. Efforts are also being made to contain fiscal and financial risks.