Governor Pan Gongsheng of the People's Bank of China (PBOC) said that China will implement more proactive and effective macroeconomic policies in 2025 to stimulate consumption, drive economic growth, and support the stable development of capital markets in both mainland and Hong Kong.
Pan made the remarks at the opening ceremony of the 18th Asian Financial Forum held in Hong Kong on Monday.
In terms of maintaining a favorable financing environment, Pan outlined plans to adopt a moderately loose monetary policy and utilize tools such as interest rates and the reserve requirement ratio to ensure ample liquidity in the market.
He emphasized a shift in the country's macroeconomic strategy, moving from a primary focus on investment to a more balanced approach that prioritizes both consumption and investment, with greater attention attached to boosting consumption.
Key measures to expand consumption will include increasing household incomes, providing more consumption subsidies, innovating in consumer supply systems and improving social security systems, he said.
He added that these efforts aim to better leverage consumption as a driver of economic growth and contribute to China's high-quality development. On the issue of exchange rate stability, Pan underscored the market's decisive role in determining the RMB exchange rate.
He stressed the need for the exchange rate to serve as an automatic stabilizer for macroeconomic and international balance of payments, while taking strong actions to redress pro-cyclical market behaviors, prevent disruption of market order, and guard against the risk of exchange rate overshooting, so that the RMB exchange rate remains basically stable at a reasonable and balanced level. Additionally, efforts will be made to greatly increase the share of the state's foreign exchange reserves allocated to Hong Kong, enhancing Hong Kong's position as an offshore RMB hub, he said.
In a further show of support, he pointed to the 800-billion-yuan currency swap agreement between the PBOC and the Hong Kong Monetary Authority (HKMA), which helps improve RMB liquidity in Hong Kong's offshore market.
Pan noted that the PBOC, HKMA, and securities regulators in both mainland and Hong Kong are working closely to enhance offshore RMB market development, improve financial market connectivity, and streamline cross-border payment and settlement systems.
The two-day 18th Asian Financial Forum opened in Hong Kong on Monday, themed on "Powering the Next Growth Engine".
For this year's event, around 3,600 financial and business representatives from over 50 countries and regions are expected to attend over 40 sessions on topics ranging from global economic outlook, new markets opportunities, artificial intelligence, fintech, sustainability to philanthropy.
Central bank governor vows stronger macroeconomic policies in 2025
A charismatic Chinese influencer is again leading the biggest winter party at northeast China's Harbin Ice-Snow World, as he whips up a carnival atmosphere among the enthusiastic crowds who have converged on China's "ice city".
Jiang Kedong, known by his online moniker of "Brother Left and Right", is playing a central role as the main host of the colorful performances taking place at the Harbin Ice-Snow World, the world's largest ice-and-snow theme park.
Jiang is one of the most passionate ambassadors of Harbin and has become a hugely popular character online as he shares his love for his hometown.
"I used to have 200 followers. Now I've got 680,000. Many people consider me an internet celebrity, and say that I've put an entire city on the map. But honestly, I don't think this is true. It was the city that got noticed first, and then people happened to find me here. So, the city's popularity has been good for me," said Jiang.
As night falls, the huge Harbin Ice and Snow World, which spans the size of 140 football fields, transforms into a wondrous fairyland after-dark.
And as the venue's tireless host, Jiang's mission is to fire up more than 50,000 tourists over and over again, every single day, keeping them warm amid the frigid temperatures.
"Why dance in winter? It's a new idea we came up with. The sun's set, you're covered in sweat in a cool breeze. It feels refreshing. This is the romance of Harbin. Those coming from southern China might have even more fun here than indoors. It's so much fun," said Jiang.
China has seen interest in ice and snow sports steadily grow in recent years, with the 2022 Beijing Winter Olympics further igniting people's passion. And for those who wish to pursue their love for winter sports, China's northeast is the prime spot, with the coldest weather and the best snow.
Traveling to the famous "ice city" of Harbin to experience the joy of ice and snow has become the hottest topic on social media during the winter months. Hotels and guesthouses have been fully booked out well in advance, while the streets overflow with tourists during this peak season.
Once a major industrial powerhouse in China, Harbin was a place where steel roared and machines never stopped. Even in the harshest winter, smokestacks still billowed warmth, as the fire of industry drove away the cold. But since the 1990s, with the slow transformation of industries, the northeastern region seemed to have become considered as China's "Rust Belt".
Revitalizing the northeast region has been a national strategy for over two decades. The key to reinventing northeast China lays in promoting its notorious snow and ice, the very elements that seemed like the greatest barriers to its development.
"Harbin's success is being celebrated across the Northeast. The joy is heartfelt. We'd been ignored for so long. Now that our moment has come, we'll do all we can to show off our city, Harbin. It's a must," said Jiang.
The attraction's popularity has soared beyond belief, with Jiang saying he and his team are now welcoming more visitors in an average day during this ongoing winter season as they did during the entire week-long Chinese New Year holiday of previous years.
Back in 2012, the entertainment team at the ice and snow park consisted of just eight people, but has now expanded to around 40 in order to keep up with the demand and the skyrocketing visitor numbers.
Looking ahead, the ever-energetic Jiang says the goal is to keep pushing forward and keep the party going, even as some claim Harbin has already peaked.
"I'm a single snowflake in a field of snow. I just happen to have been caught in the spotlight. As long as I am able, and as long as this stage and the audience need me, I'll keep doing it," he said.
Charismatic online star warms up crowds in China's "ice city" of Harbin
