PBOC: It is highly probable that China will achieve positive growth in 2020

It will be a "high-probable event" for China to achieve positive economic growth in 2020, the central bank said on Thursday.

The People's Bank of China (PBOC) said that the world's second largest economy's economic stability, long-term improvement, and high-quality development remain unchanged, per its third-quarter monetary policy report (Link in Chinese).

China's economic recovery gathered pace in the third quarter of 2020, with GDP growth in July-September registering at 4.9 percent from a year earlier.

The International Monetary Fund has also predicted that China will be the only economy in the world to show positive growth in 2020 as its GDP is predicted to expand 1.9 percent this year, said the organization in its latest economic outlook released in October.

The report noticed that the PBOC will improve the prevention and solving mechanisms of a bond default, as a number of high-profile defaults by local-government-backed bond issuers happened in recent weeks, including Yongcheng Coal and Electricity and Huachen Automotive Group, have shaken investors confidence.

Read more:China regulator vows 'zero tolerance' on bond defaults, relieves market fears

The central bank also reiterated that it would not resort to flood-like stimulus.