GuShiio.com ① In recent years, many emerging market economies have made significant progress in monetary policy frameworks, foreign exchange reserve management, debt structure, etc., and their ability to withstand external risks has continued to increase, and their economic resilience has been significantly improved.
② The China government will implement a more proactive fiscal policy and a moderately loose monetary policy, strengthen counter-cyclical adjustment of macroeconomic policies, continue to promote the transformation of China’s economic growth model, and consolidate and enhance the momentum of economic recovery.
Financial Union, February 18, according to the central bank’s website, on February 16, 2025, Pan Gongsheng, Governor of the People’s Bank of China, was invited to attend the seminar on emerging market economies co-sponsored by the International Monetary Fund and Saudi Arabia, and delivered a keynote speech.
Pan Gongsheng pointed out that in recent years, many emerging market economies have made significant progress in monetary policy frameworks, foreign exchange reserve management, debt structure, etc., their ability to withstand external risks has continued to increase, and their economic resilience has been significantly improved. Emerging market economies have become important engines of global economic growth, and their global influence continues to increase. At the same time, the current world landscape is undergoing profound changes and there are many uncertainties. Emerging market economies are also facing many challenges, such as geopolitical and economic fragmentation risks, rising trade protectionism, insufficient growth momentum of the global economy in the medium term, and financial markets. Volatility and cross-border capital flow pressures and global public debt risks. Faced with challenges, emerging market economies should further enhance their resilience, continue to improve their monetary policy frameworks, enhance exchange rate flexibility, strengthen public debt management, and strengthen macro-prudential management and financial supervision. At the same time, emerging market economies must adhere to multilateralism, adhere to win-win cooperation, carry out South-South cooperation on a larger scale, in wider fields, and at a deeper level, strengthen international macroeconomic policy coordination, jointly promote global economic growth, and maintain domestic and regional financial stability.
China is willing to continue to strengthen cooperation with the IMF to jointly promote global financial governance reform. The IMF should increase its support to developing countries, continue to improve the effectiveness of bilateral and multilateral supervision, strive to eliminate trade, investment and supply restrictions, and promote global governance in a fair and reasonable direction. At the same time, share ratio adjustment is crucial to the governance, representation and legitimacy of fund organizations. The current share ratio is difficult to reflect the actual position of emerging market economies in the global economy, and the IMF should accelerate the reform process.
Pan Gongsheng pointed out that in 2024, China’s economy will continue to pick up and improve, achieving the annual economic growth target of 5%. Especially since late September last year, the China government has launched a package of incremental policies, effectively boosting social confidence and the economy has rebounded significantly. In the next step, China government will implement a more proactive fiscal policy and a moderately loose monetary policy, strengthen counter-cyclical adjustment of macroeconomic policies, continue to promote the transformation of China’s economic growth model, and consolidate and enhance the momentum of economic recovery.
