On October 8, according to financial frontline news, the People's Bank of China released its policy stance on the RMB exchange rate. It noted that China is actively advancing the transformation of its economic growth model and promoting the global economy toward a more open, inclusive, and balanced direction.
Since the beginning of this century, the global economy has undergone multiple rounds of important dynamic equilibrium processes, and China has been deeply involved in and made positive contributions to all of them. From 2001 to 2007, after China joined the WTO, it effectively expanded global supply and curbed global inflation. After the outbreak of the international financial crisis in 2008, China significantly expanded domestic demand, driving global economic growth and preventing a slide into deflation, with its contribution to global economic growth stabilizing at around 30%. During the pandemic, when global inflation once surged to high levels, China's supply chain system remained stable, continuously contributing Chinese strength to the decline of global inflation and economic rebalancing.
In this process, China's economy itself has also undergone profound structural adjustment and dynamic equilibrium. The ratio of China's current account surplus to GDP rapidly declined from its peak of 9.9% in 2007. The contribution of consumption to economic growth rose from 37% in 2010 to 52% in 2025, powerfully promoting the rebalancing of the global economy.
China firmly implements the strategic direction and key measures set by the 15th Five-Year Plan, persists in advancing the transformation of its economic growth model, expands domestic demand and high-level opening-up, and contributes to a new round of global economic dynamic equilibrium.
China adheres to domestic demand as the mainstay, vigorously boosts consumption, expands effective investment, insists on closely combining investment in physical assets with investment in people, strengthens the domestic major circulation, and smooths the domestic and international dual circulation. It improves the business environment and provides a fair competitive environment for all types of market entities. It focuses on technological innovation and promotes productivity improvement. It promotes inclusive economic growth, strives to raise the disposable income of residents and households, and improves the income distribution system and social security system.
China steadily expands high-level opening-up, accelerating its transformation from the world's manufacturing powerhouse into a core consumer market for global demand, providing new opportunities for countries around the world with its vast market. It strengthens international economic and financial cooperation, actively participates in and advances the reform and improvement of global financial governance, and safeguards global economic and financial stability.