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在线翻译:
szdaily -> Business -> 
PBOC head: Economy to expand 2% this year
    2020-10-20  08:53    Shenzhen Daily

CHINA will see its economy expand by about 2 percent this year as it has got the coronavirus pandemic under control, People’s Bank of China (PBOC) Governor Yi Gang said Sunday, signalling confidence about the prospects of a domestic demand-driven recovery.

“I think the accumulative growth for the first three quarters of this year will be positive ... For the whole year, we predict China GDP growth of around 2 percent,” Yi said before the release of the third-quarter economic data yesterday.

“The Chinese economy remains resilient with great potential. Continued recovery is anticipated, which will benefit the global recovery,” he said in an online International Banking Seminar of the Group of 30, an independent body of economic and financial leaders from the public and private sectors and academia.

China’s fiscal and monetary policies will focus on helping small and medium-sized firms weather the pain from the health crisis, while ensuring that domestic demand plays a bigger role in boosting growth, he added.

Yi said China’s currency rate was appreciating against the U.S. dollar “significantly” in the past three months reflecting interest rate differentials between the two countries — a development he said should be left to market forces.

“Monetary policy should focus on domestic demand, domestic inflation targeting ... and let the market decide the exchange rate,” he said.

China’s economic outlook has turned more optimistic on aggressive government stimulus, with recent data pointing to a steady improvement from the COVID-19 health crisis.

While the central bank stepped up policy support earlier this year after travel restrictions choked economic activity, it has more recently held off on further easing.

Policymakers globally are pinning their hopes on a robust recovery in China to help restart demand as economies struggle with heavy lockdowns and a second wave of coronavirus infections.

“China has become the first major economy to return to its pre-virus growth path, thanks to its rapid containment of COVID-19 and effective stimulus response,” said analysts from Capital Economics.

(SD-Agencies)

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