Weaker consumer demand will be able to only partially offset the effects from higher production costs. Therefore, the NBU continues to expect inflation to decelerate gradually and exceed the central bank's 5% target in 2023–2024. Under such conditions, the NBU will focus on maintaining control of inflation expectations and reining in inflation processes.
Xiang: Since the reform and opening up and with the gradual improvement of the socialist market economy, the central bank has been undergoing institutional changes. The establishment of the PBC Shanghai Head Office is an important step to improve the central bank system and to strengthen the role of the central bank in macroeconomic management.