Pan made the comments Monday during an unexpected appearance at the event just as the People’s Bank of China issued a statement outlining new measures to defend the yuan, acting after the currency dropped close to a record low a week before Donald Trump reclaims the White House.
China will promote the role of consumption in the economy and move away from its sole focus on investment, according to the central bank governor, ushering in a shift in the growth model that’s come to define the country over the past two decades.
“The priority of macroeconomic policy should shift from promoting more investment in the past, to promoting both consumption and investment, with more importance attached to consumption,” Pan Gongsheng said in a speech at the Asian Financial Forum in Hong Kong.
