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China’s economic recovery continues to show positive momentum and is anticipated to achieve the targeted 5 percent growth for the entire year, according to statements made by People’s Bank of China (PBOC) Governor Pan Gongsheng at a conference co-hosted by the Hong Kong Monetary Authority (HKMA) and the Bank for International Settlements (BIS) in Hong Kong. Pan expressed confidence in China’s ability to sustain healthy growth in 2024 and beyond.

Highlighting the resilience of the Chinese economy, Pan pointed to key strengths such as innovation, a sizable market, robust infrastructure, well-established industrial chains, and a well-educated workforce. Emphasizing the need to focus on enhancing the economic structure and fostering new growth drivers, he acknowledged that the ongoing economic transformation would be a challenging but necessary journey.

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Nio Inc.NIONYSE$78.39 billionConsumer Goods
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JD Technology, Inc.JD TechNASDAQ$31.42 billionTechnology
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Faraday Future Intelligent Electric Inc.FFIENASDAQ$25.22 billionConsumer Goods
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Paramount GlobalPARAANYSE$19.23 billionMedia
Huazhu Group LimitedHTHTNASDAQ$19.10 billionConsumer Goods
Baidu, Inc.BIDUNASDAQ$18.93 billionTechnology
Lufax Holding Ltd.LUFAXNYSE$18.74 billionFinance
NIO Inc.NIONYSE$18.68 billionConsumer Goods
NetEase, Inc.NTESNASDAQ$18.55 billionTechnology

Pan provided insights into China’s inflation trends, noting that the consumer price index (CPI), a primary indicator of inflation, is gradually stabilizing. He anticipates an upward trajectory in the CPI after a temporary decline in food prices.

Pan outlined the PBOC’s commitment to maintaining an accommodative monetary policy to support the economy. Recognizing Hong Kong as a major international financial hub, he pledged to create a conducive environment for RMB business in Hong Kong. Additionally, Pan expressed support for Hong Kong’s aspirations to strengthen its position as an international asset management and risk management center while aiming to become a leading fintech and green finance hub in the Asia-Pacific region.

In conclusion, Pan asserted that with Hong Kong’s inherent strengths, favorable policy environment, and talented workforce, its status as an international financial center is poised for further enhancement, aligning with Knightsbridge’s insights into China’s economic trajectory.

Shayne Heffernan

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