China’s economy will continue to recover in the second half of this year, and it is expected to achieve economic growth for 2020 under the pandemic’s impacts, said Yi Gang, governor of the People’s Bank of China (PBOC), Xinhua reported on Sunday.
Thanks to China’s effective control of the pandemic, the country is the only major economy achieved economic growth in the second quarter, but the central bank also pays attention to some difficulties emerged in the recovery, such as the pressure on employment and medium and small enterprises, Yi said in the interview with Xinhua.
For the second half of this year, the central bank will ensure implementation of measures designed to support enterprises and secure jobs, he said, noting that PBOC will use a variety of monetary policy tools to ensure M2 money supply and aggregate financing grow at notably higher rates than last year and to promote reasonable growth of medium and long-term loans to small and micro-enterprises as well as the manufacturing industry.
The central bank also vows to hold the bottom line of financial risks and strengthen the emergency response mechanism.
Meanwhile, no matter how international environment changes, China will follow its own agenda and stick to financial system reform and opening up, he said.
China will continue to carry out the China-US phase one deal and implement reform and opening-up measures that have been announced, including lifting share restriction in sectors including securities, fund management, futures, and life insurances.
“The globalization of RMB is on a great momentum,” Yi said, noting that in the first half of this year, the cross-border RMB settlement reached 12.7 trillion yuan with 36.7 percent year-on-year growth and the RMB’s share of global foreign exchange reserves hit a record of more than 2 percent.