China will maintain stable macroeconomic leverage and strengthen its economic resilience (central bank)

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PBC Photo: Xinhua

China will maintain the stability of macroeconomic leverage and increase its support to the real economy through flexible monetary policy, in order to maintain adequate levels of liquidity as well as improve the stability of total credit growth, by increasing the resilience of its economy, the People’s Bank of China (PBC), the central bank, said.

In 2021, the country effectively implemented macroeconomic policies, including a stable monetary supply, which supported the real economy and avoided financial risks, maintained a global leadership position in economic development, the central bank said.

The central bank pointed out that lending rates have been falling steadily as the renminbi exchange rate is expected to remain stable, as the dividends from the reform of interest rate liberalization continue to be released.

Due to the complex and uncertain external environment, along with shrinking demand, supply shocks and weakening expectations for the global economic outlook, the country is expected to stabilize the economy and coordinate the convergence of macroeconomic policies both this year and next year, in order to to support high-quality economic development, the bank said.

According to the PBC, monetary policy tools should support micro and small enterprises and individual entrepreneurs, and special refinancing loans will be launched to support efficient use of clean coal and guide financial institutions to increase their support for innovation. scientific and technological.

And, the relevant authorities should protect the legitimate rights of home buyers and better meet the reasonable demand for housing in Chinese cities, in order to promote the healthy development and sustainability of the real estate market, the bank said.

The bank said the country should put in place an institutional mechanism for effective financial support to the real economy, increase medium and long-term lending to the manufacturing sector and improve financing for green industry.

The PBC noted the importance of strengthening coordination between financial and fiscal, industrial and regulatory policies, coordinating financial support to the real economy and financial risk prevention, in order to keep the Chinese economy within a range. appropriate and promote high-quality economic development.


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