The China Financial Stability Report (2024) from the People’s Bank of China (PBOC) has been released, providing insights into the country’s financial stability strategies and economic advancements in the past year.
A considerable portion of the report focuses on the regulation of cryptocurrencies globally, with a notable emphasis on Hong Kong’s proactive approach towards granting licenses for digital assets.
In 2023, the Chinese GDP surpassed 126 trillion yuan (equivalent to approximately $17.79 trillion), exhibiting a 5.2% year-on-year growth.
This growth was mainly driven by strong performances in technology, exports, and renewable energy sectors, which saw significant investments and advancements. The report also highlighted the importance of a stable financial system in achieving economic goals, and detailed the measures taken to mitigate risks in industries such as real estate and banking.
