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China's central bank stresses importance of financial support for real economy

Updated: June 30, 2022 07:52    Xinhua

BEIJING — China's central bank on June 29 said that it will build an effective mechanism to provide financial support for the real economy.

While encouraging financial institutions to step up their issuance of loans to the manufacturing industry, the bank will make solid efforts to stabilize industrial and supply chains, according to a quarterly monetary policy implementation meeting of the People's Bank of China.

Regarding the utilization of structural monetary tools, the bank called for efforts to expand the issuance of inclusive loans to micro and small firms, and to help them stabilize employment.

The central bank will also make full use of its supporting tools for carbon reduction as well as its re-lending facilities for the clean and efficient use of coal, sci-tech innovation, inclusive elderly care, and transport and logistics.

On stabilizing the financial market, the bank stressed the need to fine-tune market-oriented interest rate formation as well as the transmission mechanism for interest rates, and to optimize the policy interest rate system and tighten the regulation of deposit interest rates.

It will also seek to stabilize debt costs for banks, maximize the functions of the loan prime rate, and reduce overall financing costs for enterprises.

Efforts will also go into ensuring the sound development of the property market and preventing financial risks amid the country's financial opening-up, the bank said.