China’s central bank governor stressed tolerance for slowing growth in the short term as the world’s second-largest economy transitions away from property and infrastructure toward new drivers of activity.

In an address to bankers in Hong Kong, People’s Bank of China Governor Pan Gongsheng said he was confident the economy will enjoy “healthy and sustainable growth” in 2024 and beyond, citing rising sectors like renewable energy. He also downplayed concerns over risks related to property and local government debt issues, after earlier meeting with top executives from banks including HSBC Holdings Plc. and Goldman Sachs Group Inc.