As  2  BIS central bankers’ speeches  a result, fixed asset investment decelerated but has now leveled off as municipal governments have resumed with public construction orders from the second half of 2015. In contrast, private consumption and automobile sales have remained firm, reflecting progress in the transformation of China’s economic structure from one centered on manufacturing to one centered on nonmanufacturing.
The Governing Council's future decisions will continue to follow a data-dependent approach. They will ensure that the key ECB interest rates will be brought to levels sufficiently restrictive to achieve a timely return of inflation to the 2% medium-term target and will be kept at those levels for as long as necessary. *** Dear Friends, This outlook, however, calls for a longer-term perspective.