China’s central bank vowed to provide strong and effective support for steady economic growth and high-quality development this year at a work conference in Beijing on Thursday and Friday.
The regulator aims to deepen supply-side structural reform in the financial sector, expand high-level opening up in an orderly manner, and strengthen countercyclical and cross-cycle adjustments.
PBOC said prudent monetary policies will be flexible, moderate, precise, and effective, and the growth of social financing and the money supply will be matched with the economic growth and price levels. The renminbi’s exchange rate will remain stable at a reasonable and balanced level.
The statement said it will fix major areas and weak links with more financial support, including technological innovation, carbon emission reduction, agriculture, small firms, the private economy, and rural revitalisation.
The opening up of the financial markets will be promoted, with easier access for foreign investors to China’s bond market. The central bank will also actively participate in international financial governance and expand global cooperation. The yuan’s internationalization will also take solid steps.
Efforts will also be made to guard against and properly defuse financial risks in major fields. Including deepen financial reforms, improve financial services and management, and push forward institutional reform and business process optimization, according to the statement.
