People's Bank of China Governor Pan Gongsheng delivered remarks at the China Development Forum 2026 in Beijing on Sunday, signaling policy continuity to underpin stable economic growth and financial stability. The forum, which convenes global business leaders to discuss China's evolving role in the world economy, provided the stage for discussions on high-quality development amid the 15th Five-Year Plan (2026-2030).
The event was inaugurated at the Diaoyutai State Guesthouse in Beijing on March 22. China's social financing conditions remain accommodative, with financial aggregates expanding at a reasonable pace. This reaffirmation comes as the world's second-largest economy navigates its 15th Five-Year Plan, themed around high-quality development and global opportunities.
RMB STRENGTHENS AMID POLICY FLEXIBILITY
China maintains a managed floating exchange rate regime for the renminbi (RMB), aligned with International Monetary Fund standards. This reflects broader confidence in China's economic trajectory, even as global uncertainties persist. The RMB's internationalization has advanced steadily, offering domestic and foreign entities more diversified currency options with relatively low financing costs. Progress in cross-border RMB usage includes expanded bilateral local currency swap agreements and enhanced offshore market development. These efforts have intrinsic market demand, positioning the RMB as a viable alternative in global trade and investment.
BOOSTING FINANCIAL SECTOR OPENING
Beijing has called for opening-up and technological progress to drive new market growth. The PBOC will steadily promote high-level opening-up in the financial sector, deepening interconnections between domestic and international markets while improving cross-border payment systems. This includes facilitating broader investor participation, with a direct welcome extended to overseas institutions. These initiatives aim to balance openness with security and deeper global governance integration.
China is committed to advancing high-standard opening-up, importing more high-quality goods from other countries, and working with all parties to make the global economic pie bigger. The nation's competitive advantages are achieved through persistent reform and innovation-driven development. China will continue to strive to maintain a market order of fair competition and is willing to strengthen communication and cooperation with all parties to jointly promote the stability and security of global industrial and supply chains.
ECONOMIC RESTRUCTURING AND GROWTH SUPPORT
The policy approach aligns with broader economic restructuring priorities, ensuring resources flow to high-quality development sectors. Social financing, a broad gauge of credit availability, remains supportive, avoiding excesses while sustaining momentum. This stance counters lingering post-pandemic challenges, including uneven recovery and external pressures like geopolitical tensions and slowing global demand.
Analysts view the PBOC's approach as pragmatic, prioritizing stability. The forum's theme—"China in its 15th Five-Year Plan period: advancing high-quality development and creating new opportunities together"—resonates with China's vision. China will focus on promoting high-quality development to maintain stable economic growth, while continuing to create a favorable business environment and fully implement national treatment for foreign enterprises.
GLOBAL IMPLICATIONS FOR INVESTORS
For international markets, the emphasis on liquidity and openness could lower borrowing costs and enhance market access, attracting capital inflows. With RMB financing costs low and financial infrastructure improving, foreign players stand to benefit from China's vast opportunities. This comes as Beijing accelerates sci-tech commercialization and industrial upgrades, further bolstering growth prospects.
Approximately 750 participants, including New Development Bank President Dilma Rousseff and Asian Infrastructure Investment Bank President Zou Jiayi, as well as representatives from business communities both at home and abroad, attended the opening ceremony. Tim Cook, CEO of Apple and co-chair of this year's CDF, highlighted China's push for an economy driven by technological innovation, environmental protection and equal opportunity. Luigi Gambardella, president of ChinaEU, expressed hope and confidence despite challenges and trade headwinds, noting potential for cooperation in smart manufacturing, artificial intelligence, and digital technologies. Chris Kempczinski, McDonald's CEO and president, affirmed growth in China and belief in the business.
China's newly adopted 15th Five-Year Plan not only serves as a new blueprint for the nation's own growth, but also presents new opportunities for global development. As China enters a new planning era, this framework positions it to drive global economic momentum, inviting collaboration in an interconnected world.