Based on the changes of economic and financial situation, PBC will maintain appropriate growth of money and credit by using a mix of monetary policy instruments in a flexible manner and controlling the scale of policy.
In the longer term, and at the risk of doing some violence to the wealth of economic research on the subject, productivity is heavily dependent on one key factor -- the quality of our human resources. Living standards rise on the back of overall educational attainment and attitudes. That implies a continuing need to raise the quality of our general educational effort.