Pan Gongsheng: Build a scientific and sound monetary policy system and continue to implement a moderately loose monetary policy

On March 12, the Governor of the People’s Bank of China, Pan Gongsheng, presided over a symposium with economic and financial experts, discussing and analyzing the current economic and financial situation, and listening to expert opinions and suggestions on topics such as monetary and financial policy support for the real economy, reform and improvement of the monetary policy framework, and the stable development of financial markets. Vice Governor of the People’s Bank of China and Director of the State Administration of Foreign Exchange, Zhu Hexin; Vice Governors of the People’s Bank of China, Xuan Changneng and Zou Lan; and Deputy Director of the State Administration of Foreign Exchange, Li Bin, attended the meeting.

Experts including Li Yang, Wu Xiaoqiu, Zhang Xiaohui, Peng Wensheng, Guan Tao, Xu Qiyuan, Xing Ziqiang, and Lu Zhe delivered speeches. Everyone agreed that the main goals and tasks of economic and social development for 2025 are progressing smoothly, and that monetary policy support for the real economy has achieved significant results. This year marks the beginning of the 14th Five-Year Plan, and in the face of complex internal and external situations, macro policies are more proactive and effective, with economic operations continuing to improve since the beginning of the year. The participating experts also offered suggestions on how to implement a moderately loose monetary policy, reform and improve the monetary policy framework, and maintain the stable operation of financial markets.

Pan Gongsheng stated that many constructive opinions and suggestions were put forward. Since the beginning of this year, the People’s Bank of China has resolutely implemented the decisions and deployments of the Party Central Committee and the State Council. Based on the continued effectiveness of existing policies, it has also introduced several adjustments involving structural monetary policy tools. The moderately loose monetary policy has achieved good results, effectively boosting market confidence and stabilizing social expectations. In the next stage, the People’s Bank of China will fully implement the spirit of the Fourth Plenary Session of the 20th CPC Central Committee, the Central Economic Work Conference, and the requirements of the Government Work Report, build a scientific and prudent monetary policy system, continue to implement a moderately loose monetary policy, increase countercyclical and cross-cyclical adjustments, and create a suitable monetary and financial environment for sustained and high-quality economic growth.

Relevant departments and officials of the People’s Bank of China and the State Administration of Foreign Exchange, as well as affiliated units, participated in the symposium.

(Source: People’s Bank of China website)