Collectively, these factors have contributed to delayed progress in returning inflation to the 2– 3 per cent target range. In underlying terms, inflation has now been below 2 per cent for three years and the latest reading was 1½ per cent.
With the approaching of fully opening up of China’s banking sector, commercial bank reform is urgent. I believe that, with clear policy and development direction set by Central Committee and State Council and more favorable reform environment, commercial bank reform will proceed successfully through joint efforts by all staff in banking sector. BIS Review 32/2004  5