China's Monetary Policy: experience for Kazakhstan

Abstract

This article analyzes the monetary policy of the Central Bank of China and the impact of its individual instruments on economic growth. The economic and political problems affecting the monetary policy of Kazakhstan are considered.

The purpose of the scientific article is to identify the features of the monetary mechanism for the development of the Chinese economy, to study innovative tools of China's monetary policy, and to develop practical recommendations for improving the monetary policy of the Republic of Kazakhstan. China does not seek to copy global trends in monetary policy, but makes decisions related to current needs, assessing the situation in the country. Currently, the Central Bank of China conducts an independent monetary policy and uses a number of classic and modern tools to implement it.

Along with general scientific methods, both comparative and statistical methods were used in this study. To analyze the studied characteristics, statistics of the main monetary policy instruments, analytical reports of the International Monetary Fund and the Central Bank of the People's Republic of China, as well as scientific articles on the development of China's monetary policy were used.

According to the author, the combination of traditional and innovative instruments in China's monetary policy, as well as the generally positive experience of developing China, is necessary to improve the mechanisms of monetary policy in Kazakhstan. The experience of reforms in China shows that the state has become successful due to the fact that in its policy the state relies on the best practices of developed countries, taking into account the patterns of historical formation and development. A less developed society cannot function and develop according to the laws of a more developed society. Kazakhstan is invited to study and adopt China's best practices in conducting monetary policy: developing the real sector of the economy and stimulating economic growth; maintaining the stability of the national currency; maintaining inflation at the level necessary for the sustainable functioning of the economic system.