潘功胜，最新发声

Core Viewpoint - The article emphasizes China's commitment to maintaining a moderately loose monetary policy to support economic growth while ensuring the health of the financial system [3][19]. Group 1: Global Economic Rebalancing - Geopolitical and trade conflicts have led to increased discussions on global economic imbalances, which are significant topics for the G20 this year [7]. - China has played a crucial role in three major global economic balancing processes since the early 2000s, contributing approximately 30% to global economic growth [8]. - The contribution of consumption to China's economic growth has increased from 37% in 2010 to 52% in 2025, while the current account surplus as a percentage of GDP has decreased from around 10% in 2007 to below 2% in the past decade [8]. Group 2: Sources of China's Industrial Competitiveness - China's industrial competitiveness is attributed to over 40 years of reform and opening up, benefiting from a large market, complete supply chains, a skilled workforce, and sustained R&D investment [10]. - The country has over 72 million high-skilled workers and ranks first globally in the number of R&D personnel, with R&D expenditure growing over 10% annually in the past five years [10][11]. - The People's Bank of China (PBOC) has taken measures to regulate local government investment practices and promote fair competition, resulting in improved corporate performance as indicated by a narrowing of the Producer Price Index (PPI) decline from -3.6% in July last year to -0.9% in February this year [11]. Group 3: Global Economic Imbalance Analysis - Global economic imbalances should be analyzed from both goods and services trade, as well as current and financial accounts [12]. - China is the largest goods trade surplus country but also the largest services trade deficit country, with its current account surplus supporting global liquidity and economic stability [12]. - The article highlights the importance of a unified market and comparative advantages in enhancing overall welfare, while also addressing the impact of non-economic factors such as trade wars and export controls on global economic balance [14][15]. Group 4: China's Economic Growth Model Transformation - The recent government work report sets a GDP growth target of 4.5%-5% for 2026, emphasizing the importance of quality and sustainability over mere growth [16]. - The focus is on transforming the growth model to prioritize domestic demand, enhance consumption, and develop the service sector [16]. - China aims to accelerate technological innovation and green transformation, with goals to peak carbon emissions by 2030 and achieve carbon neutrality by 2060 [17]. Group 5: Financial Support for Economic Transition - The PBOC will maintain a supportive monetary policy stance to create a favorable financial environment for stable growth and high-quality development [19]. - The Chinese yuan has appreciated against major currencies, with a 1.3% increase against the US dollar and 3.7% against the euro this year [19]. - The PBOC emphasizes the importance of a flexible exchange rate and aims to enhance the internationalization of the yuan, facilitating cross-border trade and investment [20].