PBOC's Pan Gongsheng says AI may raise inflation near term, lower it long term
People's Bank of China Governor Pan Gongsheng said at the Financial Street Forum on October 19, 2026 that AI's demand and supply effects may arrive on different timelines: near term it changes micro-level efficiency, drives investment and pushes inflation up, while over the medium and long term it could raise overall productivity and lower inflation, according to an Economic Observer report republished by Huxiu AI. He said the AI boom has become one of the main drivers of global stock market gains and that global financial markets are highly correlated and volatile, and he outlined three priorities: closely tracking AI's macroeconomic impact, supporting the AI industry through finance, and prudently advancing AI use in finance. The report also says the Federal Reserve, European Central Bank, Bank of Japan, Bank of Canada, Reserve Bank of Australia and Bank of England have assessed AI's effects on investment, prices, employment, interest rates and financial stability this year, with no unified conclusion and no indication that policy has been adjusted as a result.
The report frames AI as a macro-financial question for central banks — inflation, productivity, credit expansion and financial institutions' own use of AI — with the PBOC listing close tracking of AI's macro impact among its priorities.
央行既要观察投资需求可能带来的价格压力，也要评估技术扩散对潜在增长的影响，还需要关注信用扩张、融资结构及金融机构自身使用AI产生的新风险。一场技术革命，正在改变中央银行观察经济的方式。从资本投入到产业应用，再到金融生态，AI（人工智能）技术快速迭代，变化接踵而至。不过，不同个体、企业、市场乃至经济体的“体感”......
本文来自微信公众号： 经济观察报 ，作者：欧阳晓红
央行既要观察投资需求可能带来的价格压力，也要评估技术扩散对潜在增长的影响，还需要关注信用扩张、融资结构及金融机构自身使用AI产生的新风险。
一场技术革命，正在改变中央银行观察经济的方式。
#People's Bank of China#Pan Gongsheng#Financial Street Forum#Federal Reserve#European Central Bank#Bank of Japan#Bank of Canada#Reserve Bank of Australia#Bank of England#Bank for International Settlements#International Monetary Fund