China promises to support the economy in 2023
2022.12.30 07:19
China promises to support the economy in 2023
Budrigannews.com – On Friday, the Chinese central bank said that it will increase the amount of its “prudent” monetary policy to help the economy that has been hurt by the COVID-19 pandemic by keeping liquidity reasonable enough and keeping credit growth going.
After holding a quarterly meeting of its monetary policy committee, the People’s Bank of China announced in a statement that it would keep the growth of the money supply and total social financing roughly in line with nominal economic growth.
In order to mitigate the impact of an increase in COVID infections at a time when exports are being negatively impacted by a weakening global economy, Chinese leaders have pledged to concentrate on securing economic stability in 2023.
The central bank stated, “We will step up the implementation of prudent monetary policy, which will be precise and forceful.”
“To stabilize growth, employment, and prices, we must exert significant effort. Domestic demand must be bolstered and the real economy must be bolstered more strongly.
It stated that the central bank will guide financial institutions to increase medium- to long-term loans to the manufacturing sector and will lower companies’ comprehensive financing costs and consumers’ credit costs.
It stated that the yuan’s flexibility will be increased by the central bank while the currency will remain essentially stable.
China will push forward restructurings, consolidations and acquisitions of property firms and guide stage organizations to direct managed and solid monetary organizations, it added.
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