Photo shows an exterior view of the People's Bank of China in Beijing. Photo: Xinhua

Pan Gongsheng, governor of the People's Bank of China (PBC), the central bank, is set for a key appearance at the World Bank and IMF's annual meetings, according to media reports, drawing widespread global attention. 

Amid rising speculation about the Chinese economy, Pan will use his first major overseas trip since becoming the PBC governor in July to present an accurate and comprehensive view of China's economic condition and policies, and call for global cooperation to tackle economic challenges, analysts said.

Pan is expected to make his way to the 2023 World Bank Group-IMF Annual Meetings that will take place in Marrakech, Morocco, starting on Monday. It would be his first major overseas trip, Bloomberg reported on Friday. 

Pan is expected to convey China's latest views on the economic and financial situations, Dong Shaopeng, a senior research fellow at the Chongyang Institute for Financial Studies, told the Global Times on Saturday.

Dong said that Pan's role as both the PBC governor and head of the State Administration of Foreign Exchange will provide a comprehensive interpretation of China's economic conditions, risk management efforts and economic trends.

Despite sluggish economic growth worldwide in 2023, China has navigated economic headwinds with an effective policy mix and achieved sustained and stable development so far this year, analysts said.

In the first half of 2023, China's GDP grew 5.5 percent, notably faster than last year's growth rate of 3 percent and the fastest rate among major economies. The IMF has forecast that China's economy will grow by 5.2 percent this year, and contribute one-third of global growth.

Dong said that it is crucial for China's macro policies to maintain their focus on expanding domestic demand by invigorating the domestic market and unleashing domestic consumption. At the same time, China will maintain a firm openness to foreign investment and strengthen its risk management, he noted.

China's retail sales went up 4.6 percent year-on-year in August, 2.1 percentage points faster than the growth rate in July, data from the National Bureau of Statistics showed.

The theme for the World Bank-IMF meetings will be "Global Action, Global Impact." Featured events include talks focused on international development, the global economy and financial markets, according to the schedule.

The event would also offer an opportunity for global banking leaders and policymakers to address global issues. It will gather IMF Managing Director Kristalina Georgieva and other important economic and financial leaders. 

Pan met with Georgieva on September 1. They exchanged views on issues including global and Chinese economic developments as well as cooperation between China and the IMF.

Pan is also expected to promote global cooperation during the meetings and call for enhancing global collaboration for economic development, Dong said.

The PBC chief may also raise concerns over unilateral and protectionist practices in some countries. In the context of sluggish global economic growth, governments of all countries, central banks and large financial institutions should strengthen cooperation, Dong said.

Global Times