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REPEAT: MNI Exclusive: Growth May Rebound in 2H: PBOC Advisor

MNI (Beijing)
Repeats Story Initially Transmitted at 09:11 GMT Mar 3/04:11 EST Mar 3
     BEIJING (MNI) - China's economy is likely to bottom out in the second
quarter and may even rebound in the second half of this year, Liu Shijin, a
member of the Monetary Policy Committee of the People's Bank of China, told MNI
in an exclusive interview.
     Growth is likely to be kept above 6% in the next two years, then slow to
5%-6% in the years beyond 2020, said Liu, also a member of the Chinese People's
Political Consultative Conference, which began its annual session on Sunday in
Beijing.  
     Liu, who advised officials including premiers, said China should always
keep its monetary policy prudent and neutral, and seemingly dismissed
suggestions for more monetary loosening to boost growth. 
     "What should be stressed is that the potential growth rate cannot be helped
even with a quite loose policy, and the slowing growth at the current stage is
in line with economic rules," Liu said. 
     "In general, the monetary policy hasn't been tight in years, and was even
moderately loose at times, otherwise China wouldn't have had excessively high
leverage ratios," Liu said. 
     A bigger priority is improving the transmission of monetary policy, without
which some companies won't be able to receive credit even with a loosening
approach, Liu said.
     The current preferential credit policy directed toward helping small
private businesses is such a measure to smoothen the policy's transmission, Liu
said.
--MNI Beijing Bureau; +86 (10) 8532 5998; email: marissa.wang@marketnews.com
--MNI Beijing Bureau; +86 10 8532 5998; email: william.bi@mni-news.com
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