On August 26, Pan Gongsheng, Governor of the People's Bank of China (PBOC), hosted a meeting with NPC deputies, CPPCC members, experts, scholars, and heads of financial institutions, to study the current economic and financial situations, and to listen to opinions and suggestions. Xuan Changneng, Deputy Governor of the PBOC and officials of the State Administration of Foreign Exchange (SAFE) attended the meeting.
Zhang Bin, Tian Xuan, Peng Wensheng, Lu Ting, Chen Dongsheng, Yang Yucheng, Wang Changqing, Lu Huayu, among others, shared their views at the meeting. It was generally held that since the beginning of this year, the macro policies have been intensified. With the introduction of a series of policy measures to expand domestic demand, stabilize expectations, and prevent risks, the Chinese economy continues to stay on track to make a turnaround, and the economic fundamentals are sound. The attendees also gave advice on such aspects as propping up effective demand, especially consumer demand, stabilizing the expectations and boosting market confidence, promoting the stable and sound development of the real estate sector, and maintaining the healthy operation of financial institutions.
Governor Pan remarked that the advice put forward was valuable. Since the beginning of this year, the PBOC has been resolutely implementing the arrangements made by the CPC Central Committee and the State Council. It pursued a sound monetary policy that is flexible, moderate, precise and effective. In February, May and July, the PBOC conducted three major monetary policy adjustments, which firmly supported the economic recovery. Moving forward, the PBOC will further implement the guiding principles of the Third Plenary Session of the 20th Central Committee of the CPC, and carry out the requirements put forward on the meeting of Political Bureau of CPC Central Committee that "macro policies should be more effective and continue to be vigorous." It will continue to uphold its monetary policy stance that is accommodative, intensify counter-cyclical adjustments, and adopt a mix of monetary policy instruments, thus stepping up support of the financial sector for the real economy. In the meanwhile, the PBOC will study and prepare additional policy measures, and enhance macro policy coordination and cooperation, so as to solidify and reinforce the economic upturn.
Officials from relevant departments and affiliated institutions of the PBOC and the SAFE attended the meeting.
