In recent years, under the leadership of the State Council, the PBC has implemented a sound monetary policy by adopting market-based measures to conduct macroeconomic management in coordination with other policies and has successfully restrained deflation and a new round of inflation, significantly improved the stability of economic and financial performance and contributed to a sustained, rapid, healthy and balanced development of national economy.
The sustained favorable external debt profile, demonstrated by the continued easing of the country’s external debt to GDP ratio, supports the external sector position. The country’s external debt metrics continue to ease significantly with external debt-to-GDP ratio settling at 23.7 percent as of end-September 2019 compared to about 60.0 percent in mid2000s.