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China's evolving economic conditions....>

MNI (Beijing)
CHINA PRESS: China's evolving economic conditions make its previous practice of
setting annual M2 broad monetary-supply growth target obsolete, Securities Daily
reported citing Xiao Gang, former chairman of the China Securities Regulatory
Commission and now a member of the legislative advisory body CPPCC. 
- Not having a hard target for M2 doesn't equate tightening liquidity: Daily
cited Xiao.
- The old ways to measure M2 does not match with changing technology and
expanding financial sector: Daily cited Xiao as saying. 
***Comment: Premier Li Keqiang's government report on Monday didn't mention
targeted growth of M2 this year. That has touched off much discussion. But it's
unsurprising as the government has said it is avoiding "flooding" credit
approach to support the economy. Government advisors have long downplayed the
slowing rate of M2 expansion. 

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