Henanva, Geneva, September 19th -Former People's Bank of China President Zhou Xiaochuan said on Wednesday that the direct impact of the Sino -US trade war on the Chinese economy seems limited, but it may soon promote Chinese exporters to abandon the US market.
Zhou Xiaochuan told Reuters that China's economy needs to surpass urbanization -based models.He expects that China's economic growth rate in 2018 will basically be 6.5%last year.15 years after serving as the President of the Central Bank of China, Zhou Xiaochuan stepped down in March this year.
It is a pity if the trade war causes Chinese companies to abandon the US market.Zhou Xiaochuan said in an interview: "This will force China to pay attention to many other markets. Therefore, this may not be a good thing for the United States."
"I think the diversification of (export area) may be faster, and it is unexpected by many people."
Zhou Xiaochuan looked at the direct economic loss caused by trade friction on China. He estimated that it was only 0.2-0.8%of GDP, but he said that the impact of trade friction on corporate confidence may be deeper.
Zhou Xiaochuan, 70, said that China is changing its growth strategy and requires a new economic engine to replace the trend of urbanization as the main driving force for economic growth.
"It is necessary to judge whether the economy is being touched or already touched, or maybe it is falling. We need to find some new economic growth momentum. Therefore, the Chinese government emphasizes ... supply -faced reforms to encourage new technologies and other (fields) development."
He said that the changes in China's population structure also foreshadowed savings and investment.
As one of the most respected central bank officials in the world for a long time, although Zhou Xiaochuan no longer participates in formulating economic policies, he has served as the vice chairman of the Boao Forum, and now he is leading a delegation consisting of former ministers and experts.Participate in discussions on the reform of the World Trade Organization (WTO).
He pointed out that with the improvement of China's exchange rate mechanism, coupled with the improvement of the use of RMB and the improvement of the transliteability, more global market participants may begin to use RMB; however, China has not actively promoted their use of RMB.
The internationalization process of the RMB has been intentionally slowed down, but its speed basically depends on the situation faced by other currencies."So if there is a problem with other currencies, the global market may decide more use of RMB," he said.(End)
