Xinhua Silk Road - Belt and Road Portal, China's silk road economic belt and 21st Century Maritime Silk Road Website Xinhua Silk Road - Belt and Road Portal, China's silk road economic belt and 21st Century Maritime Silk Road Website
Subscribe CustomBlackClose

Belt & Road Weekly Subscription Form

download_pop

Research ReportCustomBlackClose

The full edition of the report is available at Xinhua Silk Road Database. You can click the “Table of Content” to have a general understanding of it.

Click on the button below to create your account and get immediate access to thousands of articles.

Start a Free Trial

Xinhua Silk Road Database
Economy

China can meet growth targets without stimulus: PBOC governor

March 14, 2016


Abstract : The growth targets China has set for this year and the 13th Five-Year Plan period (2016-2020) can be realized through improving domestic demand, consumption and innovation, without big stimulus, central bank governor said Saturday.

BEIJING, March 12 (Xinhua) -- The growth targets China has set for this year and the 13th Five-Year Plan period (2016-2020) can be realized through improving domestic demand, consumption and innovation, without big stimulus, central bank governor said Saturday.

"China will stick to the prudent monetary policy," said Zhou Xiaochuan, governor of the People's Bank of China (PBOC), at a press conference on the sidelines of the national legislature's annual session.

China's growth target for 2016 is in the range of 6.5 percent and 7 percent, while that for years leading to 2020 is above 6.5 percent.

These are "anticipatory targets," which are made on the basis of China's growth trajectory in the past and its growth potential in the future, Zhou said.

China seeks growth by relying more on domestic demand, as the old growth driver of exports loses steam and is not able to contribute to the economic growth the way it used to, Zhou said, adding that China has no intention of manipulating its currency rate to stimulate exports.

With the improvement in domestic demand, consumption and innovation, the growth targets are attainable without resorting to stimulus.

Yi Gang, PBOC vice governor, added that China's reform and opening-up drive will unleash more growth momentum.

In the event of global and domestic financial turbulence, however, Zhou said that China's monetary policy will be flexible.  Enditem

Scan the QR code and push it to your mobile phone

Write to Us belt & road login close

Do you want to be a contributor to Xinhua Silk Road and tell us your Belt & Road story? Send your articles to [email protected] and share your stories with more people.

Click on the button below to create your account and get im http://img.silkroad.news.cn/templates/silkroad/en2017te access to thousands of articles.

Start a Free Trial

Ask Us A Question belt & road login close

If you have any questions, please enter them in the box below.

Identifying code Reload

Write to Us belt & road login close

Do you want to be a contributor to Xinhua Silk Road and tell us your Belt & Road story? Send your articles to silkroadweekly@xinhua.org and share your stories with more people.

Click on the button below to create your account and get im http://img.silkroad.news.cn/templates/silkroad/en2017te access to thousands of articles.

Start a Free Trial