Former Head of China’s Central Bank Suggests Policymakers Should Learn From Japan

The suggestion by Mr. Zhou is reminiscent of his previous comments during the U.S.-China trade war, where he was seen as indirectly criticizing Xi Jinping.

Residential buildings under construction by Chinese real estate developer Vanke in Hangzhou City Zhejiang Province, China, on March 31, 2024. AFP via Getty Images

Zhou Xiaochuan, former governor of the People’s Bank of China, the country’s central bank, called the latest downturn of China’s real estate market “unprecedented” and suggested that “policymaker[s]” should learn from Japan’s experience.

The Chinese communist regime introduced measures, dubbed the “5·17” policy, on May 17 designed to rescue the housing market. Subsequently, three major cities—Shanghai, Guangzhou, and Shenzhen—followed suit with policies to lower the barriers to home purchasing.