PBOC Governor Pan Gongsheng Chairs Seminar with Economic and Financial Experts to Build a Scientific and Sound Monetary Policy Framework and Implement Appropriately Accommodative Monetary Policy

Financial Times Reporter He Jueyuan

People’s Bank of China Governor Pan Gongsheng held a symposium with economic and financial experts on March 12, to discuss and analyze the current economic and financial situation. The meeting focused 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, gathering expert opinions and suggestions. Pan Gongsheng stated that the central bank will establish a scientific and prudent monetary policy system in the next phase.

During the meeting, experts including Li Yang, Wu Xiaoqiu, Zhang Xiaohui, Peng Wensheng, Guan Tao, Xu Qiyuan, Xing Ziqiang, and Lu Zhe delivered speeches. They unanimously agreed that the main goals of economic and social development for 2025 are on track to be achieved smoothly, and that monetary policy support for the real economy has shown 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. Since the start of the year, economic performance has continued its positive trend. The experts also offered suggestions on how to effectively implement moderately loose monetary policy, reform and improve the monetary policy framework, and maintain the stable operation of financial markets.

Pan Gongsheng said that since the beginning of the year, the central bank has continued to play a role through existing policies and has introduced several adjustments involving structural monetary policy tools. The moderately loose monetary policy has achieved good results, strongly boosting market confidence and stabilizing social expectations. In the next stage, the central bank will fully implement the spirit of the Fourth Plenary Session of the 20th Central Committee, the Central Economic Work Conference, and the deployment requirements of the government work report. It will 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.