China's central bank governor says there's room to cut banks' reserve requirements

China’s central bank governor expressed the possibility of further lowering banks’ reserve requirements as part of the country’s economic policy adjustments to achieve a growth target of around 5% while maintaining a 3% fiscal deficit. The governor pledged to utilize monetary policy to support consumer prices. Additionally, plans are being made to issue “ultra-long” special bonds for major projects to help meet the growth target. China’s annual government work report released their economic plans for the year, which fell short of expectations for more stimulus measures. Despite this, China’s national GDP increased by 5.2% in 2023.