Dynamic moves help China navigate economic landscape

BEIJING, Oct. 18, 2024 /PRNewswire/ -- A report from China Daily

Officials have expressed confidence in China's financial market and called for more efforts to ensure its constant stable development.

Recently, the People's Bank of China has pushed for the implementation of a reduction in the reserve requirement ratio, a reduction in interest rates, four real estate financial policies and two policy tools to support the stable development of the capital market. These measures have bolstered market confidence, Pan Gongsheng, governor of PBOC,said at the opening ceremony of the Annual Conference of Financial Street Forum 2024 held in Beijing on Friday.

"To promote high-quality economic development and sustainable growth, it is necessary to grasp the dynamic balance between the economic growth rate and growth quality, internal and external factors, consumption and investment. Macro policies should focus more on expanding consumption, better managing the relationship between the government and the market, and creating a favorable legal and business environment," Pan said.

With the theme "Trust and Confidence", the opening ceremony of the annual conference gathered more than 350 attendees to share their insights.

As an important destination for international financial investment, Beijing witnessed a growth of more than 5 percent in its GDP over the first three quarters of 2024. During this period, the city established 40 new domestic and foreign financial institutions and attracted nearly 600 billion yuan ($84.4 billion) in direct financing. Also it saw the establishment of 1,255 new foreign-funded enterprises, an increase of 16 percent.

"Looking to the future, Beijing will accelerate the construction of a vibrant modern financial system and comprehensively enhance the level of serving the country's financial management functions," said Yin Li, secretary of the CPC Beijing Municipal Committee.

As an important platform for national open development, the conference is being held from Friday to Sunday, attracting more than 500 heavyweight participants from more than 30 countries and regions to hold discussions revolving around international cooperation in more than 40 activities.

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SOURCE China Daily