China’s central bank chief vows support amid ‘weak links’ | Business and Economy

Governor Yi Gang says China will return to a potential growth rate of between 5 and 5.7 percent in 2022.

China’s economy will return to its potential growth rate in 2022, though various challenges will require the central bank to maintain a supportive monetary policy stance, Governor Yi Gang said.

“We will keep our accommodative monetary policy flexible and appropriate, and increase support for key areas and weak links in the economy,” Yi said in a videotaped speech Wednesday ahead of a meeting of central bank chiefs and finance ministers from the Group of 20 nations in Jakarta.

Volatile internal and external conditions will create challenges for the economy and require more counter-cyclical policy adjustment, he said.

The People’s Bank of China shifted to easing mode in the second half of last year as economic momentum faltered under a property downturn and sporadic virus outbreaks. The central bank has taken swift action in recent months by…

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