PBOC Governor Pan: China's 5% growth target expected to be successfully achieved

Dhwani Mehta FXStreet

Pan Gongsheng, Governor of the People's Bank of China (PBOC), said in a statement on Wednesday, “China's economy continues to improve, 5% growth target is expected to be successfully achieved.”

Additional quotes

Shifting economic growth model is more important than pursuing high growth rate - securities times.

China's economic growth momentum improves recently, production and consumption recover steadily, employment and consumer prices stable.

Monetary policy will pay more attention to cross-cyclical and counter-cyclical adjustments in next stage.

Will always keep prudent monetary policy, support stable growth of real economy.

Will provide a good monetary and financial environment to stabilize price, promote economic growth and expand employment.

Spillover effect of property market adjustments on the financial system are generally manageable.

Will guide financial institutions to keep stable financing channels open through property credit, bonds.

Some provinces are making plans to resolve risks of small and mid-sized banks.

Supports LGFVs to become market-oriented firms which do not rely on govt credit, and are financially independent and sustainable.

The central bank will provide emerging liquidity support to areas with relatively high debt burdens when necessary.

Will strictly control new govt-invested projects in areas with high debt burdens.

Will resolutely guard against overshooting risks of Yuan exchange rate.

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