/ world today news/ China’s economy as a whole continued to gain momentum and is expected to achieve the 5 percent growth target for the whole year, said the Governor of the People’s Bank of China (PBOC) Pan Gongshen during a conference in Hong Kong organized by the Monetary area authority (HKMA) and the Bank for International Settlements (BIS).
“I am confident that China will enjoy sustained growth in 2024 and beyond,” Pan said, adding that “China’s economy remains very resilient due to its strengths such as innovation ability, large market, good infrastructure, well established industrial chains, rich and well-educated human resources’.
“Now we need to focus more on improving the economic structure and forming new engines of growth. The continued economic transformation will be a long and difficult road, but it is a road we must walk,” he stressed.
China’s consumer price index, a key gauge of inflation, is gradually bottoming out, he said. “We don’t think the decline in food prices will last, and we expect the index to rise after that,” Pan said.
Noting that Hong Kong is one of the major international financial centers, Pan Gongshen pledged that the PBOC would continue to create a favorable environment for RMB business in the Special Region and support its role as a global center for asset management, risk management and its goal to become an attraction for fintech and green finance in the Asia-Pacific region.
“We believe that with all its strengths, a favorable political environment and talented and hardworking people, Hong Kong’s position as an international financial center will be further strengthened,” Pan Gongshen said.
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