Gongsheng

SHANGHAI/BEIJING (Reuters) - China will promote a sustained economic recovery, focusing on expanding domestic demand, while fending off financial risks, People’s Bank of China Governor Pan Gongsheng said in a report published on Saturday.

People’s Bank of China Gov. Pan Gongsheng told reporters in Beijing that the reserve requirement for banks would be cut by 0.5 percentage points “in the near term,” and that the central bank would follow up with further cuts.

Last year, at the Bond Connect forum held at the Hong Kong Stock Exchange, Pan Gongsheng, deputy governor of the People’s Bank of China, stated that China will soon allow foreign credit rating agencies to evaluate Chinese domestic bonds.

The Leading Group of Internet Financial Risks Remediation was set up by China’s cabinet in 2016, with Pan Gongsheng, a deputy governor of the Chinese central bank, as its head.