(Yicai) Nov. 28 -- China’s economy is likely to achieve the government’s annual growth target of 5 percent set earlier this year, according to Pan Gongsheng, governor of the People’s Bank of China.

Noting the stable overall economic recovery, Pan said today that China has advantages such as strong innovation abilities, a big market, sound infrastructure, a complete industrial chain, and abundant human resources.

Various support policies were also introduced in the early stages of the economic recovery, he noted at a meeting of the Hong Kong Monetary Authority and the Bank for International Settlements, adding that China’s economy will maintain healthy and sustainable growth next year and beyond.

Pan mentioned the need to promote high-level opening-up in the financial sector. Financial services must be the first priority in this regard, he said, adding that the second priority will be maintaining the steady and prudent opening-up of the financial market, and the third will be ensuring wider use of the yuan in international trade and financial transactions.

Pan also stressed that the PBOC, which he became head of in July, will firmly support Hong Kong’s status as an international financial center. 

“We will continue to refine the policy system for cross-border renminbi business, strengthen Hong Kong’s functions as an international asset management and risk management center, and support Hong Kong in developing into a fintech hub and a sustainable finance center in the Asia-Pacific region,” Pan said.

“We firmly support Hong Kong's financial stability,” he pointed out.

Hong Kong has “outstanding advantages” and a favorable policy environment, Pan said, and these, combined with the diligence of the Hong Kong people, will ensure that “Hong Kong’s status as an international financial center will continue to be consolidated and enhanced.”

In terms of monetary policy, Pan said that the PBOC will continue to implement a prudent monetary policy to support the real economy’s development.

Editor: Tom Litting