Growth in consumer spending is still hesitant, owing to the uncertain prospects for employment and the slow increase in households’ income. Monetary policy has continued to be firmly directed to stabilizing inflation. Consumer price inflation fell below 1.5 per cent on a seasonally adjusted annual basis in the second half of 1996 and remained at that level until the summer of 1997.
We will give full play to the RMB in pricing and settlement of commodities. Besides, Shanghai can tap its advantages as an international financial center to provide financing support for the Belt and Road Initiative.