VIII. Broad money supply grew rapidly with continued growth in credits.

At the end of December, the broad money (M2) was 47.5 trillion yuan, up by 17.8 percent, which was 1.1 percentage points higher than that at the end of last year; the narrow money (M1) was 16.6 trillion yuan, up by 9.1 percent, or 12.0 percentage points lower; the cash in circulation (M0) was 3.4 trillion yuan, a rise of 12.7 percent, or up by 0.6 percentage points. The amount of outstanding loans of all financial institutions was 30,346.8 billion yuan, increased by 4,911.4 billion yuan over that at the beginning of this year, or an increase of 1,279.2 billion yuan as compared with the same period last year. The amount of outstanding deposits of all financial institutions was 46,620.3 billion yuan, an increase of 7,686.3 billion yuan over the beginning of the year, or 2,298.5 billion yuan more than the same period last year. The total cash supply for the whole year was 384.4 billion yuan, an additional increase of 54.1 billion yuan over that in the previous year.

The international financial crisis is deepening and spreading with continuing negative impacts on domestic economy. We should thoroughly apply the scientific outlook on development; adhere to the overall requirements made by the central government on economic work; effectively implement the policies and measures of promoting growth, stimulating domestic demand, readjusting the economic structure and improving peoples’ livelihood; promote a steady and rapid economic growth and maintain a harmonious and stable social climate.

(National Bureau of Statistics January 23, 2009)