On June 19, 2024, Pan Gongsheng, Governor of the People’s Bank of China, delivered a speech at the 2024 Lujiazui Forum in Shanghai, China.
VCG | Visual China Group | Getty Images
Beijing – President of the country People’s Bank of China The central bank said at a closely watched meeting on Tuesday that it planned to maintain supportive monetary policy, According to official media reports.
State media reported in Chinese that People’s Bank of China Governor Pan Gongsheng added that the central bank intended to “increase counter-cyclical monetary policy.” Countercyclical policies refer to measures aimed at solving short-term economic development problems. Similar language has been used in recent months.
He delivered a financial work report at this week’s National People’s Congress Standing Committee meeting. The party ending on Friday is Approval of further fiscal stimulus is widely expected.
Finance Minister Lanfouan addressed the committee on Monday to discuss Plan to increase local government debt limit To replace hidden debt, state media said. Lan also submitted a report on managing state assets on Tuesday, state media reported.
In late September, the People’s Bank of China began cutting a number of interest rates in an effort to boost slowing economic growth. This move follows the United States FedShift to an easing cycle A substantial 50 basis point interest rate cut in mid-September. The Fed is expected to cut interest rates again at the end of its two-day meeting on Thursday local time.
