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PBOC Governor calls for patience amid economic shift

CCTV.com

03-30-2015 09:38 BJT

Full coverage: 2015 Boao Forum

China's central bank governor gave HIS take on the global economy AND China's economic adjustment on the final day of the BoAo Forum.

Zhou Xiaochuan called for patience, saying China's switch to a new economic model would take time. He said the central bank had taken steps to lower the cost of financing for small businesses, but the changes could take up to 18 months to fully take effect.

"First of all, there should be more patience paid while observing the economy. In the process of economic adjustment, there is a huge demand for economic resources. There are various reasons why businesses haven't yet felt the changes. We're now seeing clear downward movement in the money market interest rate. We hope that can smoothly transmit to the real economy over a period of time,“ Zhou said.

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