On November 8, during the 2023 Annual Conference of Financial Street Forum, Pan Gongsheng, Governor of the People's Bank of China (PBOC) and Director-General of the State Administration of Foreign Exchange of the People's Republic of China, delivered a speech.
Pan stated, "The growth rate of China's GDP in the first three quarters this year was 5.2 percent, indicating that the country is expected to achieve the desired annual goal of 5 percent. The International Monetary Fund's latest forecast projects that China's economy is set to grow by 5.4 percent in 2023, a rate exceeding that of many other large economies around the world." Pan continued that, with the continuous effect of the macroeconomic control policies, the recent economic performance has demonstrated stronger growth drivers, with both the production and consumption experiencing steady growth. Furthermore, the employment has been overall improved, the commodity prices remain relatively stable, and the international balance of payments has sustained equilibrium, meaning that all major economic indicators are trending positively. In addition, the economic transformation is still ongoing, as the investment in the high-tech industries has been increasing relatively rapidly, while the final consumption expenditure of the first three quarters contributed 83 percent to the economic growth in the same period. These developments signify that China is able to keep economic growth and stable prices.