Home Economy Flexible monetary policy keeps China’s inflation at moderate level

Flexible monetary policy keeps China’s inflation at moderate level

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China’s inflation remains moderate and the nation’s prudent monetary policy will support high-quality economic development, the governor of the People’s Bank of China (PBC), the central bank, said during a G20 meeting on Wednesday.

The remarks from Yi Gang, the PBC governor, at the virtual meeting of the G20 finance ministers and central bank governors came amid growing concerns of rising inflation in many major economies such as the US, where inflation hit another 13-year high in September.

In China, the consumer price index (CPI) remained steady with a gain of 0.7 percent in September, up 0.1 percentage points compared with the previous month, according to the National Bureau of Statistics on Thursday.

At the virtual meeting held in Washington by Italy, which holds the G20 presidency this year, participants stressed that the global economy continues to recover but with discrepancies, and downside risks related to the COVID-19 pandemic remain significant, according to a statement issued by the PBC on Thursday.

The meeting also discussed the global economic and health situation, as well as sustainable finance and cross-border payments. During the meeting, the G20 Sustainable Finance Roadmap and Synthesis Report, co-led by the PBC and the US Department of the Treasury, was approved. 

All parties reaffirmed that they will adopt favorable policies to respond to the pandemic’s impact. They also agreed to coordinate efforts to address climate change and environmental protection, while highlighting the urgency and importance of protecting biodiversity. The meeting called on all G20 members to jointly promote a low-carbon economic transformation.

Global Times 

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