China will promote high-quality development, PBOC Governor

The Governor of the People’s Bank of China (PBOC), Pan Gongsheng, said that the central bank would capitalize on current economic momentum and better leverage monetary measures to increase demand and confidence.

“The government will focus more on finding a better balance between economic growth and sustainability,” Pan said.

“As the economic development model is transformed, more emphasis will be placed on consumption, innovation, green growth, and associated new infrastructure,” said Pan, who is also the chairman of the State Administration of Foreign Exchange.

“We will actively support high-quality and sustainable development on the basis of maintaining a realistic growth rate,” he added.

The Governor of the People’s Bank of China stated that there have recently been more bright spots in China’s economic progress, and corporate mood has improved.

After reaching record highs, Beijing ceased publishing monthly young unemployment data in August, claiming the need to refine and optimize labor-force survey statistics. The most recent publication came in June, when the 16–24 age group’s unemployment rate had reached 21.3 percent.