On October 30, 2022, CF40 released its Q3 Macroeconomic Policy Report, Accommodative Monetary Policy: Pros and Cons, at a seminar themed “Understanding Monetary Policy: A Self Revolution”.
The report came at a time when the Chinese economy, having experienced a quarter of steady recovery from the earlier downturn, still faces multiple strains including sluggish consumption, investment and export growth, and as China and many other major economies around the world are assessing the intended and unintended effects of the expansionary policy adopted in response to the pandemic.
The seminar brought together leading voices from the academia, the market and the government to take stock of the present Chinese economy and the country’s macroeconomic policy stance, with special attention paid to the channels through which monetary policy works, and its actual effectiveness in underpinning growth, especially in China’s context.
The event featured two keynote speakers, Wang Yi, CF40 Member and Deputy General Manager of China Everbright Group, who talked about major challenges facing China’s monetary policymaking, and Zhang Bin, CF40 Nonresident Senior Fellow and Deputy Director of the Institute for World Economic and Politics (IWEP) at the Chinese Academy of Social Sciences (CASS), whose address was themed “Pros and Cons of Monetary Policy: Theory and the Situation in China”.
Yin Yanlin, CF40 Advisor and Deputy Director of the Office of the Central Financial and Economic Affairs Commission, Liu Guoqiang, CF40 Advisor and Deputy Governor of the People’s Bank of China (PBC), and Zhang Xiaohui, CF40 Nonresident Senior Fellow and former Assistant Governor of the PBC, provided comments.
The English version of the Report will be released via email and on CF40’s website soon.
CF40 Secretary-General Wang Haiming moderated the seminar.