At the same time, commercial banks have made great efforts in self-initiated product innovation after the removal of the ceiling on interest rates of housing loans, and new products such as fixed rate housing loans were developed. Generally speaking, great efforts should be further made in products innovation, especially financial products for the middle & low-income customers.
I view this as being important simply because a full appreciation of the Bank’s work and results does require a perspective beyond a few months or even beyond a single year. A single day, a few months or even a year is rather a short time to really gauge what monetary policy of the Bank can accomplish on a lasting basis.