China will seek more sustainable growth while maintaining a “reasonable” expansion pace and monetary policy will provide stronger support to the economy, according to central bank chief Pan Gongsheng.
China will “focus more on the balance between economic growth and sustainability, and proactively push for high-quality and sustainable development on the basis on maintaining a reasonable growth speed,” Pan said at the International Monetary Fund’s annual meetings in Marrakech, Morocco, according to a statement from the central bank on Saturday.
Monetary policy needs to make better use of both aggregate and structural tools, Pan said, referring to broad moves that affect overall liquidity and targeted ones to aid certain industries. The economy is showing signs of improvement, with both industrial and services sector growth picking up, he said.
Official data on Friday showed consumer prices unexpectedly slowed to the brink of deflation, though other recent indicators such as exports have suggested the slowdown may be moderating. Authorities have so far avoided rolling out a significant stimulus package to boost the economy and instead have focused on more incremental policies.
Pan said the IMF’s quota review should better reflect members’ relative status in the global economy and increase the voice and representation of developing countries.
