the cpc central committee has made it clear that local government special bonds are allowed to be used for idle existing land buyback, new land acquisition and reserve, and for - profit housing purchasing. this will further accelerate the de - stocking of the real estate market and enable the real estate market to stop declining and stabilize. the fourth is to lay emphasis on the internal and external equilibria in the economic growth. in recent years, the external equilibrium of the chinese economy has been effectively improved. the current account surplus - to - gdp ratio dropped from around 10 percent in 2007 to around 2 percent in 2011, and remains within the range of 1 to 2 percent in recent years, which is generally considered as reasonable by the international community. the current geopolitical tensions have led to economic deglobalization as well as politicalization and instrumentalization of international trade, which hampers sustained growth of the world economy and the increase in the global welfare. we will firmly follow the path of reform and opening up and the path of multilateralism, advocate free trade and fair competition, and make better use of both international and domestic markets and resources, so as to accelerate the building of a new development paradigm. recently, the us dollar index has remained high, and most non - usd currencies have depreciated. the rmb has also depreciated moderately against the usd, but overall shows strong resilience. after years of endeavor, china's foreign exchange market has achieved remarkable development. market participants are more mature and the 3 / 6 bis - central bankers'speeches trading activities are more rational. the rmb cross - border payments and receipts have reached 30 percent in goods trade, lowering the exchange risk exposure faced by enterprises in production and operation. as the regulators of the foreign exchange market, the people's bank of china ( pboc ) and the state administration of foreign exchange ( safe ) are now more composed and experienced in the face of market changes. we are confident and capable of maintaining stable functioning of the foreign exchange market. we will pursue the principle of letting the market play a decisive role in exchange rate formation, and leverage the role of exchange rate as an auto stabilizer in macroeconomic management and for the balance of payments. meanwhile, we will firmly correct pro - cyclical behaviours, fight against conduct that disrupts market order, and prevent the risk of exchange rate overshooting, so as to keep the rmb exchange rate basically

pan gongsheng : speech - opening ceremony of the asian financial forum speech by mr pan gongsheng, governor of the people's bank of china, at the opening ceremony of the asian financial forum, hong kong, 13 january 2025. * * * honorable chief executive john lee ka - chiu, distinguished guests, good morning! it's a great pleasure to attend asian financial forum and get together with leaders from the global financial community in hong kong. in recent years, with the strong support of the central government and under the guidance of hong kong sar government, hong kong has actively embraced new development opportunities while upgrading its traditional advantages. the remarkable creativity and vitality hence stimulated have helped further consolidate and enhance the status of hong kong as an international financial center. we believe, with the " one country, two systems " policy as a strong guarantee and with the joint efforts made by people from all walks of life, hong kong will continue to leverage its unique advantage of enjoying the backing of its motherland and being open to the world, and enjoy longterm prosperity and stability. on this occasion, i'd like to exchange views with you on china's economic development, macroeconomic policies as well as the efforts to help develop hong kong as an international financial center. first, about china's economic situations and macroeconomic policies since 2024, the chinese economy has picked up admist fluctuations. the target of 5 percent growth throughout the year is estimated to be achievable. in the first three quarters, china's gdp grew 4. 8 percent year on year. since late september, the cpc central committee has arranged a package of incremental policies and thus promoted a remarkable pickup of the economy. on the whole, the chinese economy has managed to address a variety of risks and challenges in recent years, and proved to be strongly resilient. it has contributed approximately 30 percent to the global economic growth for years. currently, as the external environment is complicated and volatile, challenges remain in china's economic development. externally, as the world pattern is becoming increasingly chaotic and intertwined, geopolitical conflicts continue, and trade protectionism prevails, challenges and uncertainties loom over global economic recovery, exerting a spillover effect on the chinese economy. internally, we still face problems such as insufficient domestic demand, especially consumption demand, weak social expectations, low price levels, etc. 1 / 6 bis - central bankers'speeches the chinese