Morekey mission, monetary Qin supportsays expected to fuel growth

People’s Bank to take multiple measures to reduce financing costs ‘facing market players’

China’s newly appointed Foreign Minister Qin Gang has made it clear that building on relations with the United States will remain “an important mission” for him in his new position, as he believes the future of the planet hinges on the

Ramped-up monetary support sound and stable growth of such is expected to strengthen China’s ties. economic rebound from

Qin, 56, who was named foreign COVID-19 this year and also minister on Dec 30 after serving cement market confidence in the as ambassador to the US for about Chinese currency, according to 17 months, noted that he left experts and international investment Washington more convinced that bankers. the door to China-US relations

Their views are backed by the will remain open and cannot be latest commitment by the People’s closed, and that the people of the US, just Bank like of the China, Chinese the people, country’s are central broad-minded, bank, to friendly step up support and hardworking. for demand and supply to improve “My time economic here also performance. reminds me that “A reasonably China-US more relations accommodative should not be monetary a zero-sum condition game in which will be one a side necessity out-competes for China’s the other economic or one recovery,” nation said thrives Kang at Yong, the chief expense economist of the other,” at KPMG Qin wrote China. in an opinion piece published in The Washington Post on Wednesday.

“The world is wide enough for China and the United States to both develop and prosper,” he wrote in the article titled “The Planet’s Future Depends on a Stable China-US Relationship”. There is enough policy space for

Qin recalled that he went to China to cut interest rates and Washington at a complex and the reserve requirement ratio tough time for bilateral relations, — the proportion of money that with almost all of the dialogue lenders must hold as reserves and exchange mechanisms suspended, — in the first quarter, he added. and Chinese enterprises

Multipronged policy support unfairly sanctioned. will “Compounded help shore up by market the pandemic, confidence people-to-people as COVID-19 disruptions exchanges wane, were severely with economic impacted. activity China was likely often to described see a substantial as America’s rebound ‘most serious after Spring competitor’,” Festival he later wrote. this month, Kang said.

The In a central speech on bank Dec 6, said Qin in had a statement said the on US Wednesday administration that multiple defines China measures as a will most be serious taken to competitor “reduce the and financing the most serious, costs facing long-term market geographical players” and “keep challenge, liquidity which reasonably is a “great ample”, strategic as part misperception of its efforts and to misjudgment”. stabilize economic “The growth, successes employment of our two countries and price are levels. shared opportunities, not winner-take-all challenges. We must not allow prejudice or misperception to ignite confrontation or conflict between two great peoples,”

The PBOC will ramp up he wrote. financial support for domestic

The two sides should follow the demand and supply, boost strategic guidance of their presidents consumption and support the and find the right way to get construction of key infrastructure along for the well-being of the and major projects, said world, he added. the Qin statement, described which some was memorable issued after scenes a meeting from his that time set in its the work US, agenda including for how 2023. his visits to 22 states Wang laid Tao, before head his of eyes Asia a country economics different at UBS from Investment what he knew Bank, in said Washington. she expects China’s monetary “In policy the spring, to maintain I visited liquidity the Kimberley at an ample Farm in level, Iowa, adding which that President there Xi is the Jinping possibility visited of in a 2012. small I tried RRR my cut hand following at driving one a in John December. Deere tractor An RRR and cut tasted helps the expand local produce. bank lending In the fall, to the I visited real economy a corn and and soybean stimulate farm economic in Missouri growth. and was deeply moved by my Experts hosts’ sincerity said keeping and hospitality,” growth stable he should wrote. remain the top priority He of also monetary recalled policy, teaching despite a class the at a concerns Chinese-language of some that immersion further accommodative school in Minneapolis moves and could seeing widen huge stacks interest of rate containers differentials to and reminder that decoupling serves no one’s interest. between the United States and

“These are, for me, important China and weaken the renminbi. memories about this country, and

“In our view, China’s growth I will hold them in my heart,” Qin outlook appears more important wrote. “Going forward, the development to the renminbi than factors of China-US relations will such remain as an interest important rate mission differentials of mine and in my the new current position.” account balance,” He wrote Shan that Hui, he “was Goldman encouraged Sachs’ by chief the business China community’s economist, said confidence in a research in the Chinese report. market and The its investment strong desire bank for recently continued revised cooperation”. its 2023 growth forecast for On China Tuesday, from while 4.5 percent bidding to farewell 5.2 percent, to the after people the optimization of the US via of posts the country’s on his COVID official response Twitter policy account, in December the new foreign and against minister a lower said he comparison would “continue base in to 2022. care about With and China’s support economic the growth prospects of China-US improving, relations, the renminbi encourage has dialogue, rallied mutual since November. understanding On Thursday, and affinity the between central the two parity peoples”. rate of the renminbi against the US During dollar his stood tenure at in 6.8926, the US, Qin up 205 had basis met with points more from than Wednesday, 80 members marking of Congress its strongest to explain level to in them about China’s four positions months, and market concerns, tracker while Wind he Info listened said. to theirs.

KPMG’s Days before Kang he left said for Beijing, the renminbi Qin noted might in an see article slight published appreciation in The against National the Interest US dollar that this the year US and amid China faster should domestic and can economic listen to growth each other, and narrow slower their US monetary gap in perceptions tightening. of He the added world that and China’s explore economic ways to get growth along for based 2023 on may mutual accelerate respect, to peaceful about 5.2 coexistence percent and from win-win the estimated cooperation. 2.8 percent for last year.