WBG Governor's Statement No. 6 - Statement by the Hon. Kun Liu - 2021 Annual Meetings

Jul 19, 2026

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WBG Governor’s Statement No. 6 presents the Hon. Kun Liu’s remarks for the Bank for the People’s Republic of China at the 2021 Annual Meetings. It reviews global economic recovery amid COVID-19, highlighting slowing momentum, rising financial vulnerability, and multiple policy and geopolitical uncertainties. It outlines calls for vaccine equity, responsible macroeconomic coordination, and implementation of the UN 2030 Agenda and the Paris Agreement. It also summarizes China’s steady recovery, stable employment and prices, improved external balances, and policy continuity supporting high-quality development.

LanguageEnglish

CategoryResearch & Report

FormatPDF

Pages6

Reading Time15 min

Global Economic Outlook

China's Economic Outlook

The WBG and the IMF’s Work on Reform and Development

Public Disclosure Authorized Public Disclosure Authorized WBG Governor's Statement No. 6 October 14, 2021 Statement by the Hon. KUN LIU, Governor of the Bank for THE PEOPLE'S REPUBLIC OF CHINA Statement by the Hon. Kun Liu, Governor of the Bank for the People's Republic of China Ⅰ. Global Economic Outlook Thanks to the strong policy support and continued vaccination against COVID-19, this year witnesses gradual recovery of economic activities, and continued recovery of the global economy. However, there is a trend of slowdown and divergence. The economic recovery of emerging markets and developing countries will face greater challenges in their recovery. As global investment continues to languish and liquidity in the international financial markets is easing, financial vulnerability continues to rise. Commodity prices remain at high level but have slowed in momentum. In the future, we need to be vigilant against uncertainties caused by factors such as the continued evolution of the global pandemic, intensifying global inflationary pressure, continued supply chain disruptions, monetary policy shift in major economies, and geopolitical risks. All parties should strengthen collaboration to facilitate equitable global distribution of vaccines, ensure the accessibility and affordability in developing countries, and promote global cooperation to address the challenges of the pandemic. Governments should adopt responsible macroeconomic policies and strengthen policy coordination to avoid negative spillover effects. Multilateral development institutions, governments, and the private sector should stay committed to development as a priority, jointly implement the United Nations 2030 Agenda for Sustainable Development and the Paris Agreement on climate change, promote more robust , green, and balanced development, and work together to steer global development towards anew stage of balanced, coordinated and inclusive growth. II. China's Economic Outlook This year, facing the epidemic challenge and the uncertainty of the external environment, the Chinese government has consolidated and expanded the achievements of COVID-19 response and economic and social development. The Chinese government has implemented macro policies in a systemic and targeted way. Transformation and upgrading continue to advance, and innovation vitality is continuously released. Employment and prices are generally stable, economic quality and efficiency are steadily improving. China’s economic growth remains sound and steady. Firstly, the economy has achieved steady recovery. The resilience of economic development has been strengthened. The national GDP reached RMB 53.2 trillion in the first half of this year, up by 12.7% year-on-year, with a two-year average growth of 5.3% . Production grew steadily, and Purchasing Manager’s Index (PMI) was above the critical point for 18 consecutive months. Secondly, demand has risen steadily. Investment grew steadily, with fixed asset investment up by 8.9% year-on-year from January to August. Market sales increased, and total retail sales of consumer goods jumped by 18. 1% year-on-year. Thirdly, employment and prices were generally stable. The national surveyed urban unemployment rate averaged 5.2%, lower than the expected target of 5 .5%, and consumer price index (CPI) rose by 0.6% year-onyear from January to August. Fourthly, the overall international balance of payments improved. Import and export of goods grew faster, foreign investment continued to increase, and international foreign exchange reserves remained stable. Denominated in RMB, imports and exports rose by 23.7% year-on-year from January to August. The balance of foreign exchange reserves registered at USD 3.2321 trillion at the end of August. All in all, China's economy continues steady recovery. The major economic indicators are within an appropriate range, and the economic fundamentals that will sustain long-term growth remain unchanged, alth

FAQs

What main global economic trends are highlighted in the statement?

The statement describes gradual global recovery with a trend toward slowdown and divergence. It notes increased financial vulnerability, easing liquidity, high commodity prices losing momentum, and heightened uncertainty from pandemic evolution, inflation pressure, supply chain disruptions, policy shifts, and geopolitical risks.

How does the statement characterize China’s economic performance in 2021?

It says China’s economy shows steady recovery with improved quality and efficiency. It reports stability in employment and prices, steady production and demand, rising investment and retail sales, and an improved balance of payments and foreign exchange reserves.

What policy actions does the statement recommend for global cooperation and development?

It calls for strengthening collaboration to support equitable vaccine distribution and affordability in developing countries. It also urges responsible macroeconomic policies and coordination to avoid negative spillovers, and for joint implementation of the UN 2030 Agenda and the Paris Agreement to promote robust, green, and balanced development.

Jul 19, 2026

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