China central bank says no plans for big economic stimulus
September 24, 2019, 10:54 am

China central bank says no plans for big economic stimulus

The People’s Bank of China will avoid a “massive stimulus,” Central Bank Governor Yi Gang said. (File photo AFP)

China’s central bank governor said Tuesday its monetary policy will stay “stable and healthy,” suggesting Beijing has no plans to join the US and Europe in cutting interest rates to stimulate economic growth amid a tariff war with Washington.

The People’s Bank of China will avoid a “massive stimulus,” Yi Gang said at a news conference.

Beijing is trying to shore up cooling economic growth amid a tariff war with Washington but is wary of reviving a rise in debt levels that are so high that rating agencies have cut China’s credit rating.

“We believe that for our monetary policy we should stay committed to our own course and stick with an orientation that is stable and healthy,” Yi said.

China’s economic growth hit a three-decade low of 6.6 percent in 2018, adding to pressure on Beijing to expand stimulus measures. The ruling Communist Party is trying to shift to growth supported by domestic consumption instead of exports and investment but loosened lending controls after growth declined faster than planned.

Despite that, regulators have affirmed that reining in corporate and household debt is a priority.

“We must not adopt massive stimulus packages,” Yi said. “We must make sure the leverage rate remains stable so that the total debt level remains sustainable.”

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, has sponsored the BuildHer CityHack 2025 Hackathon, a two-day event spearheaded by the College of Engineering and Technology at the Royal University for Women (RUW).
Aimed at secondary school students, the event brought together a distinguished group of academic professionals and technology experts to mentor and inspire young participants.
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