China's central bank Photo: CFPChina will maintain “reasonably abundant liquidity,togel 888” to create a favorable monetary and financial environment for the sustained improvement of the economy, Pan Gongsheng, governor of China’s central bank said on Thursday.
The remarks were made during an expert symposium on the economic and financial situation the central bank held on Thursday, during in which officials study the current economic and financial situation with economists and financial experts, and soliciting opinions and suggestions on policy-making.
The People’s Bank of China will fully consider the opinions and suggestions of various experts, maintain reasonably abundant liquidity, ensure that the scale of social financing and the money supply matches the goals of economic growth and expected price levels, Pan said, according to a statement on the website of the People’s Bank of China.
“We will maintain a reasonable credit growth, a stable pace, and optimized structure, in an effort to create a favorable monetary and financial environment for the sustained improvement of the economy,” Pan said.
In the view of participants, a series of policies aimed at expanding domestic demand, boosting confidence, and managing risks have been successively introduced since the beginning of this year. The effects of these policies are gradually becoming evident, with financial support for the real economy remaining stable and the overall economy showing signs of improvement, according to the statement.
Experts at the meeting provided opinions and suggestions on how to address issues in the operation of the economic and financial systems, prevent and resolve potential risks, maintain internal and external balance, and enhance coordination of macroeconomic policies.
The meeting was held under the circumstance that downward pressure on the Chinese economy persists, as the implementing institution for monetary policy, the central bank is tasked with making new arrangements in relevant policy, Xi Junyang, a professor at the Shanghai University of Finance and Economics, told the Global Times on Thursday.
The symposium sends a signal of enhancing the strength of monetary policy, Xi Junyang said, expecting the nation’s monetary policy might “appropriately loosen” over the coming year.
The meeting has come days after the tone-setting Central Economic Work Conference, which was held in Beijing from December 11 to 12, aimed to set priorities for economic work in 2024.
While noting that China’s economic recovery faces multiple challenges, the meeting stressed that favorable conditions for the Chinese economy outweigh unfavorable factors, and it called for strengthened confidence in China’s economic recovery and long-term positive outlook.
“In general, the economy is still constrained by insufficient demand. Therefore, it is challenging for investments and consumption to be significantly strengthened through monetary measures alone. To address this issue, it may be necessary to rely on coordinated fiscal policies, which can directly influence economic behavior,” Xi Junyang said.
Recent major policy moves indicate that authorities of the world’s second-largest economy already made moves on fiscal policy to bolster the economic recovery. In October, officials announced a plan to issue an additional 1 trillion yuan ($137 billion) in treasury bonds, which brought China's fiscal deficit ratio to a historic level of 3.8 percent, compared to a 3 percent target. A target for 2024’s deficit ratio is also expected to be released at the national two sessions.
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