Central bank pledges stronger support for real economy
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E-mail Xinhua, April 15, 2023
A pedestrian walks past the headquarters of the People's Bank of China in Beijing. [Photo/VCG]
The People's Bank of China (PBOC), the central bank, has pledged to implement a more targeted approach to the prudent monetary policy and provide stronger support for China's real economy.
In a statement released Friday after the latest quarterly meeting of its monetary policy committee, the central bank said it will make every effort to stabilize growth, employment and prices, and expand domestic demand.
While the domestic economy is witnessing a recovery trend, its foundation is not yet solid, it said, vowing to keep loan growth at a reasonable and stable level and ensure that increases in the money supply and aggregate financing are generally in step with nominal economic growth.
Priority will be given to infrastructure construction, and support will be provided for key sectors and weak links of the economy, such as inclusive finance, green development and sci-tech innovation, the PBOC said.
Efforts will be made to establish mechanisms for the financial sector to effectively support the real economy, and strive to make sure that the financial sector's support for private enterprises is commensurate with their contributions to China's economic and social development, it said.
The central bank also pledged to effectively prevent and defuse the risks of high-quality and industry-leading housing developers, and implement city-specific policies to meet the demand of first time home buyers or those looking to improve their housing situation.
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