Global demand may see upturn in 2020

Global demand may take a turn for the better next year, an official of the country's banking and insurance regulator said on Tuesday.

"A big change in the external environment of China may take place in 2020," Yu Xuejun, chairman of the supervisory board for key State-owned financial institutions at the China Banking and Insurance Regulatory Commission, said at the 17th Caijing Annual Conference in Beijing.

One of the reasons behind the change is that the US Federal Reserve has adjusted its monetary policy since the end of July and cut interest rates three times in a row. The Fed also stopped reducing its balance sheet and began injecting liquidity into the market. This may stimulate a recovery of global demand in the second half of next year and drive global economic growth, Yu said.