China to bolster economic recovery and curb risks, central bank head says

China to bolster economic recovery and curb risks, central bank head says

China’s central bank governor, Pan Gongsheng, stated in a report published on Saturday that China will focus on expanding domestic demand and promoting a sustained economic recovery while addressing financial risks. The governor emphasized the need for more precise and forceful policies, including reducing real lending rates and financing costs for businesses and individuals. This report is significant as it is the first time the governor has commented on policy since the release of third-quarter economic data. It outlines the near-term priorities of the authorities and was delivered to the country’s parliament.

Pan Gongsheng also highlighted the importance of activating the capital markets and boosting investor confidence. He pledged to implement macro policy adjustments in response to changes in the economic situation, strengthen financial supervision, expand domestic demand, boost confidence, prevent risks, and promote a sustained recovery in the economy.

China’s economy grew at a faster-than-expected rate in the third quarter, with consumption and industrial activity in September also exceeding expectations. This suggests that recent policy measures are contributing to a tentative recovery. Pan Gongsheng emphasized the need to keep the yuan stable, prevent abnormal fluctuations in cross-border fund flows, and maintain stability in the foreign exchange market. The country will continue to push forward its yuan internationalization scheme, establish a risk warning and control system for overseas investment, and safeguard its foreign currency assets. Financial institutions will be guided to help resolve local government debt risks, including those of local government financing vehicles.

The report also addresses the resolution of default risks of bonds issued by major real estate enterprises to prevent risk contagion in stock, bond, and foreign exchange markets and ensure the stable operation of financial markets. Overall, the report highlights China’s commitment to promoting a sustained economic recovery while managing financial risks.

Reporting by Casey Hall and Kevin Yao; editing by David Holmes and Clelia Oziel

About News Team

Hi, I'm Alex Perez, an experienced writer with a focus on lifestyle and culture news. From food and fashion to travel and entertainment, I love exploring the latest trends and sharing my insights with readers. I also have a strong interest in world news and business, and enjoy covering breaking stories and events.

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