Pan Gongsheng: In the future, we will continuously evaluate and improve the transition of the monetary policy framework.

Today, the Governor of the People's Bank of China, Pan Gongsheng, stated at the opening ceremony of the 2025 Lujiazui Forum that at last year's Lujiazui Forum, I introduced China's monetary policy stance and the evolution of the future monetary policy framework. Over the past year, the People's Bank has adhered to a supportive monetary policy stance, and has implemented multiple monetary policy measures in terms of quantity, price, structure, and so on, effectively supporting the continued recovery and improvement of the economy and the stability of the financial market. At the same time, the central bank has improved the monetary policy framework, optimized the intermediate variables of monetary policy, nurtured policy interest rates, enhanced the efficiency of monetary policy transmission, enriched the monetary policy toolbox, and conducted policy communication and expectation guidance. The transformation of the monetary policy framework is a gradual and continuous process, and in the future, the central bank will continue to assess and improve it.