yi gang : speech at bank of thailand - bank for international settlements conference speech by mr yi gang, governor of the people's bank of china, at the bank of thailand - bank for international settlements conference " central banking amidst shifting ground ", bangkok, 2 december 2022. * * * distinguished governor sethaput suthiwartnarueput, general manager agustan carstens, president christine lagarde, governor philip lowe, governor perry warjiyo, professor raghu rajan, good morning! on behalf of the people's bank of china, i would like to extend my sincere congratulations to the bank of thailand on its 80th anniversary. it gives me great pleasure to speak at this conference. i would like to take this opportunity to say something about growth and inflation. i recall that about one or two years ago, we were still debating whether the inflationary pressure was transitory or entrenched. since the beginning of this year, however, most advanced economies started tightening monetary policies. many central banks are hiking interest rates aggressively at a much faster pace than previous tightening cycles. and also, many emerging markets and low - income countries have seen pressures of local currency depreciation, capital outflows and inflation at the same time. meanwhile, indicators such as mortgage rates and pmis throughout the world show that the likelihood of a slowdown or a recession sometime next year is on the rise. central banks are faced with a delicate balancing act of fighting inflation and keeping the economy growing at the same time. as for china, our cpi right now is about 2 %. this is particularly due to a bumper harvest in grain and stable energy prices. our gas and oil prices follow global trends. our electricity prices have basically been stable since the beginning of the year. looking for next year, the inflation forecast is in the moderate range. china's growth rate, however, is right now somewhat slower than expected due to covid and other factors. our third quarter growth rate is 3. 9 % on a year - on - year basis. but as you see, we have a pretty accommodative monetary policy in place to help with economic recovery and maximize employment. and our focus is growth right now. we recently cut the required reserve ratio ( rrr ) by 25 basis points, and also led the market interest rates lower a little bit. on top of its aggregate dimension, our monetary policy also has a structural side that is providing much needed support to

, investigative and independent media. thirdly, the judiciary, despite its many weaknesses given where we come from, is independent and is making its contribution towards the respect for the law by all of us. issues are being attended to as far as the transformation of the judiciary both in terms of form and content is concerned. progress in this regard is promising as the government and the judiciary are hard at work to achieve this historically fundamental objective. the respect for the judiciary really demands that the authorities must not keep their eyes off the transformation ball. but whatever the outcomes of this process, the end result must be to protect and enhance the independence and respect for the judiciary. fourthly, we have in south africa policies and laws that respect, protect and understand the fundamental role of private property rights in the economic development of our society. those who a couple of years ago doubted the positive role of private property in society and its role in the economy are slowly coming to the conclusion that people ’ s rights in private property are prerequisites for promoting investment and certainty that one ’ s investment today can be protected by law, with the courts available to enforce it and thus confident to grow businesses whether industrial or agricultural. there are still many countries on our continent which should still need to improve private property rights in order to give surety and confidence to investors. fifthly, there is in this land of hope and opportunity a vibrant culture and entertainment industry which is vital in any society. music, dance, theatre, museums and other places to visit and enjoy. we are even beginning to see the entry by black dancers into the ballet schools and companies. even i, coming all the way from rural limpopo, now appreciate la traviata! so it is not just about soccer and rugby. sixthly, this is a normalising society where challenging issues are looked straight in the eye, in particular race, gender and the development of a black business class. finally, the population expects and demands to be heard at every turn. expectations are justifiably high for housing, clean water, good public schools, good health services, good roads and streets, including traffic lights that work, safety and security, employment opportunities, the fairness of the justice system and the rest. there is demand for delivery everywhere. the public authorities and private companies are kept in check all the time. our society is moving ahead indeed. of course with demands for socio - economic needs also come responsibility to care and look after that which has been