PBOC's Pan Gongsheng Declares Slower Credit Growth China's New Normal
At the 2026 Lujiazui Forum on June 17, Pan called matching China's past lending growth rates neither easy nor necessary.
- People's Bank of China (PBOC) Governor Pan Gongsheng delivered the keynote speech at the 2026 Lujiazui Forum on June 17, 2026.
- "Sustaining past growth rates for total lending is neither easy nor necessary."
- He said slower but more efficient credit growth may become China's new economic normal.
Why it matters: Beijing did not choose to slow lending; the debt already taken on chose for it.
PBOC Governor Pan Gongsheng, keynote speech at 2026 Lujiazui Forum (pbc.gov.cn) ↗ · Sep 16, 20269/16/26