BEIJING (XINHUA) – 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.
Work will be done 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, according to a statement of the People’s Bank of China.
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 major areas and weak links will receive more financial support, including technological innovation, carbon emission reduction, agriculture, small firms, the private economy, and rural revitalisation.
