Pan Gongsheng, Governor of the People's Bank of China, said today at the 2024 Financial Street Forum annual meeting that in order to promote high-quality economic development and sustainable growth, it is necessary to grasp the dynamic balance between the three aspects in economic operation. The first is the dynamic balance between the economic growth rate and the quality of economic growth. The second is the internal and external dynamic balance in economic growth. The third is the dynamic balance between investment and consumption. We must adhere to the people-centered idea of development, focus on increasing residents' income, optimize the fiscal expenditure structure, improve the social security system, promote the expansion of consumption, and form a virtuous cycle of “the government nurtures consumption, consumption activates the market, the market leads enterprises, and enterprises expand investment.” Achieving a dynamic balance in the economy requires grasping several key points. First, the direction of macroeconomic policy is shifting from being more biased towards investment in the past to placing equal emphasis on consumption and investment, and paying more attention to consumption. The second is to better handle the relationship between the government and the market, scientifically grasp and balance the boundaries between the government and the market, and improve the intersection and pertinence of policy and market concerns. The third is to further deepen reform and opening-up, create a favorable economic environment governed by the rule of law, and create a fairer and more dynamic market environment. The People's Bank of China will focus on the priority of serving high-quality development, strengthen countercyclical regulation of monetary policy and macroprudential policy, enhance the accuracy and effectiveness of financial support policies, create a favorable monetary and financial environment for steady economic growth and structural adjustment, steadily expand a high level of financial openness, and promote economic dynamic balance.

Pan Gongsheng, Governor of the People's Bank of China, said today at the 2024 Financial Street Forum annual meeting that in order to promote high-quality economic development and sustainable growth, it is necessary to grasp the dynamic balance between the three aspects in economic operation. The first is the dynamic balance between the economic growth rate and the quality of economic growth. The second is the internal and external dynamic balance in economic growth. The third is the dynamic balance between investment and consumption. We must adhere to the people-centered idea of development, focus on increasing residents' income, optimize the fiscal expenditure structure, improve the social security system, promote the expansion of consumption, and form a virtuous cycle of “the government nurtures consumption, consumption activates the market, the market leads enterprises, and enterprises expand investment.” Achieving a dynamic balance in the economy requires grasping several key points. First, the direction of macroeconomic policy is shifting from being more biased towards investment in the past to placing equal emphasis on consumption and investment, and paying more attention to consumption. The second is to better handle the relationship between the government and the market, scientifically grasp and balance the boundaries between the government and the market, and improve the intersection and pertinence of policy and market concerns. The third is to further deepen reform and opening-up, create a favorable economic environment governed by the rule of law, and create a fairer and more dynamic market environment. The People's Bank of China will focus on the priority of serving high-quality development, strengthen countercyclical regulation of monetary policy and macroprudential policy, enhance the accuracy and effectiveness of financial support policies, create a favorable monetary and financial environment for steady economic growth and structural adjustment, steadily expand a high level of financial openness, and promote economic dynamic balance.