Pan Gongsheng reinforced his commitment to supporting the economy and said monetary policy will remain expansionary

The president of China's central bank said on Tuesday (28) that monetary policy will remain expansionary to support the economy at this time.

Furthermore, Pan Gongsheng reinforced the need for structural reforms over time to reduce dependence on infrastructure and the real estate sector for growth.

The official said at a conference in Hong Kong that economic momentum in recent months suggests China will reach its 2023 growth target.     of around 5%.

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"I am confident that China will have healthy and sustainable growth in 2024 and beyond," he added.

Pan said he expects consumer inflation to rise in the coming months as     The declines in food prices, especially pork, will not be sustained.

China consumer prices fell in October as indicators of domestic demand     pointing to a weakness     had not been seen since the pandemic, while deflation at the factory gates has deepened.

The government launched a     series of measures     this year to sustain the post-pandemic economic recovery, affected by a     crisis in the Chinese real estate sector, risks of     local government debt, slow global growth and     geopolitical tensions.

In October, China revealed a plan to issue 1 trillion yuan (about 690 billion reais) in sovereign bonds before the end of the year, raising the budget deficit target for 2023 to 3.8% of gross domestic product (GDP). ), compared to the original 3%.

The central bank has also implemented modest interest rate cuts and pumped more money into the economy in recent months.     pledging to maintain support.

"In the future, the People's Bank of China will continue to maintain its expansionary monetary policy to support the economy," Pan said.