BEIJING: China will continue to implement a supportive monetary policy to help promote sustained economic recovery, Pan Gongsheng, governor of the People’s Bank of China, said in remarks published on Thursday (Nov 7).
China will promote the opening of its financial services sector and strengthen communication with markets, Pan said during a meeting with executives of foreign financial institutions, according to a central bank statement.
The central bank will “maintain a dynamic balance between economic growth and quality, internal and external factors, as well as investment and consumption, and will continue to implement a supportive monetary policy,” Pan said.
The central bank has ramped up policy stimulus since late September, including cutting interest rates and making cash injections, to help revive the world’s second-largest economy and reach a government growth target of around 5 per cent this year.
Investors are closely watching a meeting of the country’s top legislative body for clues on the scale or timing of fiscal measures, after Finance Minister Lan Foan said last month that China would “significantly increase” government debt and support consumers and the property sector.
Executives from HSBC, Standard Chartered, Citibank, DBS Bank, Mizuho Bank, JPMorgan Chase Bank, Societe Generale, Deutsche Bank and Morgan Stanley attended the meeting, the central bank said.
