China can be «bolder» in granting wider market access and further open up its economy as it enters a new stage of development, the country’s central banker said yesterday..
China can be «bolder» in granting wider market access and further open up its economy as it enters a new stage of development, the country’s central banker said yesterday.
As the world’s No. 2 economy seeks quality development, it will rely less on stimulus to boost growth, Mr Zhou Xiaochuan, governor of the People’s Bank of China (PBOC), told a briefing on the sidelines of the annual parliamentary session.
«We now emphasise the new normal of the economy, shifting from the past model of quantitative growth… where we depend on the accumulation of capital and investment to stimulate economic growth,» said 70-year-old Mr Zhou, who is expected to retire this month.
«While pursuing higher quality growth, we are likely to reduce our reliance on the old growth model of investment.»
Mr Zhou said there are clear signs that China has stabilised and is gradually reducing its its debt levels, referring to its high debt ratios which global observers have flagged as potential risks to the economy.
He noted that the National People’s Congress will discuss financial regulatory system reforms during the last few days of the session.
Overall, the PBOC will play a more important role in the regulatory framework, as a new Cabinet-level body overseeing financial stability and development has been installed at the central bank, he said.
