2023-11-08 03:28:19
The Chinese central bank chief Pan Gongsheng has expressed his optimism regarding the economic development of the world’s second largest economy. The growth target of five percent for the current year will be achieved smoothly, he said at a financial forum on Wednesday, according to state media reports. The growth dynamic has increased, with production and consumption steadily recovering. Employment and inflation remained stable overall.
The central bank will pursue a prudent monetary policy to support the growth of the real economy. Exports in October fell more than expected at 6.4 percent compared to the same month last year. On the other hand, imports surprisingly increased by 3.0 percent. This is seen as a sign of hope for the domestic economy in the huge empire with its population of billions. However, the real estate crisis and weak global demand continue to weigh on the world’s second largest economy following the USA.
The International Monetary Fund (IMF) increased its growth forecast for China’s economy this year, but expects a slowdown in 2024. The fund now assumes that gross domestic product will increase by 5.4 percent in the coming year. Previously, the IMF had only estimated an increase of five percent.
The government and the central bank have tried to stabilize the economy with economic stimulus. They range from boosting demand for cars and household appliances to easing real estate restrictions and supporting the private sector. In addition, the central bank flooded the financial system with fresh money. The measures had an effect: gross domestic product rose by 4.9 percent from July to September.
1699415915
#Chinas #central #bank #chief #optimistic #growth #target
