At The Fourth G20 Finance Minister & Central Bank Governor Meeting 2016, Zhou Xiaochuan, President of the People’s Bank of China, stated that, as housing prices of some Chinese cities rose fast recently, the Chinese government pays high attention, and actively takes measures to promote the healthy development of real estate market. In addition, with the gradual normalization of global economic recovery, China will also impose certain control on credit growth.

Zhou Xiaochuan commented, since this year China’s economic growth has remained at a reasonable range, with basically stable commodity prices, good performance in the employment market, and steadily rising consumption. Recently, some important indicators showed signs of recovery, continuing to make significant contributions to global economic growth.

Meanwhile, as economy enters the “new normal” of medium and high-speed growth, the structure and quality of China’s economic growth keeps improving, and new growth engines keep emerging, the fundamentals of long-term positive economic prospects will not change.

Zhou Xiaochuan mentioned, China’s credit/GDP and long-term trend gap rise, reflecting China’s efforts to cope with the sluggish of global economic recovery and to achieve the G20 growth objective. China’s high savings rate can provide adequate guarantee for rapid investment growth. At the same time, as China is still at the middle income level, there are a lot of growth points available for exploration.

Besides, given some excess capacity currently existing in China’s economy, proper credit growth can play the role of countercyclical regulation. Last year, China's capital market appeared some volatility, and to maintain financial stability, more reliance upon bank credit financing appeared at that time, but after the market restored stability, big increase no longer existed. With the gradual normalization of global economic recovery, China will also impose certain control over credit growth.