PBOC’s Zhou says China will maintain proactive fiscal policy
Nation willing to work with all parties to promote reform of the international monetary system and safeguard global stability
Zhou Xiaochuan, President of the People’s Bank of China, said that the nation will continue to implement a proactive fiscal policy and a prudent monetary policy, and continue to fight shadow banking, the real estate bubble and other risks, China Securities Journal reported.
“China’s price level has remained stable, the foreign exchange market has ran smoothly and cross-border capital flows were balanced,” Zhou said. “China will further expand the financial industry, actively use new financial technology and tackle possible challenges.”
In a recent meeting of G20 finance ministers and central bank leaders in Washington, D.C., a number of indicators showed that China’s economic growth has improved steadily, the report wrote. The 6.9% GDP growth in the first half of the year is likely to continue its speed in the second half, while China eyes a 6.5% year-long target.
Zhou also said that China supports the IMF’s active role in multilateral macroeconomic policy coordination and calls on all parties to show their spirit of cooperation to ensure the task is completed within the established timetable.
“China is willing to continue to work with all parties to promote reform of the international monetary system and work together to improve global economic governance and safeguard global stability,” Zhou said.