People's Bank of China Governor Yi Gang (right) talks with IMF Managing Director Christine Lagarde in Beijing in April.(AFP)
= (Nusa Dua Comprehensive News) As the impact of the Sino-US trade war is reflected in the macroeconomic level, the trend of China's economy is of concern.Yi Gang, governor of the People's Bank of China, said yesterday that China's macro economy is currently running smoothly, and the prevention of financial risks has achieved initial results, and the growth target set at the beginning of this year can be achieved.
According to Caixin.com, Yi Gang, Governor of the People's Bank of China, said in an interview yesterday during the fall annual meetings of the International Monetary Fund (IMF) and the World Bank: For many years, we have been talking about deleveraging; now that leverage has stabilized, it is amajor changes.
Yi Gang said that financial risk is the top priority in the battle to prevent and defuse major risks.At present, the macro leverage ratio has stabilized, the leverage ratio of state-owned enterprises has continued to decline, and the debt situation of local governments is controllable.While stabilizing leverage, the Chinese economy has achieved continuous optimization of its economic structure. All these factors indicate that China has entered a stage of high-quality development.
The U.S. Treasury recently said it was concerned about the depreciation of the yuan and was looking for signs of currency manipulation by the Chinese government.U.S. Treasury Secretary Steven Mnuchin warned China against a competitive devaluation of the renminbi the day before.Yi Gang said in an interview yesterday that at present, all monetary policies of the People's Bank of China are based on the domestic economy as the main consideration.
During the annual meeting held in Bali, Indonesia yesterday, Yi Gang met with Mnuchin at the request and exchanged views on relevant economic and financial issues.Mnuchin also tweeted on social media that he communicated with Yi Gang on important economic issues yesterday.
During the interview, Yi Gang also said that China’s economy is operating in a good range in terms of various indicators such as consumption, profit, taxation and the nominal growth rate of the national economy; the balance of payments is generally balanced, and financial risks are generally controllable.
He pointed out that the growth of money and credit is moderate, and it is very supportive of the real economy and small and micro enterprises; while in the process of achieving high-quality economic development, the contribution of consumption to economic growth is prominent.The contribution of domestic demand is the largest, and the contribution of consumption in domestic demand is the largest.The proportion of the service industry in economic growth continues to increase, which also reflects the continuous improvement of economic quality.
He also pointed out that in the process of economic development towards high-quality development, there are also many opportunities for asset allocation.Our process of moving towards high-quality development is stable and orderly.I see this trend is still confident.
Ning Jizhe, deputy director of China's National Development and Reform Commission, also said on Monday that it is normal for China's economy to fluctuate.Confidence in achieving the main expected goals of economic development throughout the year.
Yi Gang also met with New York Fed President John Williams yesterday, exchanging views on Sino-US economic and financial situation, monetary policy and other issues.
