pan gongsheng : speech - 2023 annual conference of financial street forum speech by mr pan gongsheng, governor of the people's bank of china and safe administrator, at the 2023 annual conference of financial street forum, beijing, 9 november 2023. * * * distinguished party secretary yin li, mayor yin yong, administrator yunze, chairman huiman, president fu hua, president jin liqun, and dear guests, good morning! the convening of the annual conference of financial street forum is of special significance at a time when the central financial work conference has just concluded. general secretary xi jinping delivered an important speech at the central financial work conference, summarizing the financial work since the 18th national congress of the communist party of china ( cpc ), analyzing the situation facing the high - quality development of finance, and deploying the financial work both at the current stage and in the years to come, which provided us with fundamental guidance for advancing financial work in the new era. studying and implementing the guidelines of the central financial work conference is the most important task of the financial system at present. now, in light of the current economic and financial developments, i will share my insights on studying and implementing the guidelines of the central financial work conference. first, china's economic growth has witnessed sustained rebound, and the highquality economic development has been steadily advanced. in the first three quarters of 2023, china's gdp grew at a rate of 5. 2 percent, and the annual target of 5 percent is expected to be achieved smoothly. the day before yesterday, i met with a delegation from the international monetary fund ( imf ) who visited china for economic and financial consultations. their latest forecast for china's economic growth in 2023 stands at 5. 4 percent, which is leading among the world's large economies. as the macro adjustment policies continue to unleash their benefits, the economic growth momentum has been strengthened, production and consumption have steadily rebounded, employment and prices have generally improved, the balance of payments has maintained a basic equilibrium, and major economic indicators have picked up. china's economic transition has continued to make headway, and investment in high - tech industries has maintained fast growth. in the first three quarters, the contribution of final consumption to economic growth reached 83 percent. therefore, there are favorable conditions to continuously maintain steady economic growth and stable prices. there are two perspectives for analyzing china's economic growth.

##zing prices, promoting economic growth, expanding employment and maintaining the balance of payments in an equilibrium. the first is to maintain reasonable growth in money, credit, and aggregate financing to the real economy ( afre ). the pboc will use a mix of monetary policy tools to keep liquidity adequate at a reasonable level, and guide financial institutions to enhance the stability and sustainability of credit growth. in accordance with the requirements of the central financial work conference, we will take the initiative to activate financial resources that are inefficiently occupied and improve the efficiency of capital utilization. up to now, outstanding loans in china's banking system have exceeded rmb200 trillion, and outstanding afre has exceeded rmb300 trillion. in the past few years, the annual increase in loans has registered about rmb20 trillion, and the afre has increased by over rmb30 trillion. activating existing loans, improving the efficiency of their utilization, and optimizing the issuance of new loans are equally important to supporting economic growth. 2 / 6 bis - central bankers'speeches the second is to continuously intensify support for major strategies, key areas and weak links. we will make good use of central bank lending to support rural development and msbs, central bank discounts, and inclusive msb loan facilities. moreover, we will continue to implement the carbon emission reduction facility, special central bank lending for supporting the technological progress of enterprises, and special central bank lending for inclusive elderly care, etc. we will also support the sound development of sci - tech innovation, private enterprises and msbs, advanced manufacturing, green development, and inclusive elderly care, and make significant efforts in the areas of technology finance, green finance, inclusive finance, pension finance, and digital finance. the third is to keep the interest rate at a proper level to steadily bring down the financing costs for the real economy. last year witnessed a rapid rate hike by the federal reserve ( fed ), but china has been implementing a monetary policy that focuses on domestic conditions, bringing down policy rate steadily. the pboc will continue to conduct interest rate management in a proper manner while giving priority to china's own economic goals. we will guide and adjust the macro interest rate according to the rules of market economy and the needs of counter - cyclical macro adjustments, aiming to keep the interest rate in line with the requirements for achieving potential economic growth. the fourth is to keep the rmb exchange rate basically stable at an