China's central bank to enhance implementation of monetary policies

(Xinhua) 11:03, April 04, 2024

Photo taken on Oct. 19, 2020 shows an exterior view of the People's Bank of China in Beijing, capital of China. (Xinhua/Peng Ziyang)

BEIJING, April 3 (Xinhua) -- China's central bank on Wednesday pledged efforts to enhance the implementation of a slew of monetary policies -- in order to effectively stimulate the economy.

The bank will appropriately increase the relending and rediscount quota for small enterprises and the agriculture sector, make good use of carbon reduction support tools, and establish a relending facility for sci-tech innovation and technical transformation, the People's Bank of China (PBOC) said in a statement released after the latest quarterly meeting of its monetary policy committee.

The PBOC also vowed to strengthen financial support for large-scale equipment upgrades and trade-in of consumer goods.

Noting that China's macro policies since the beginning of this year have created a suitable monetary and financial environment for the economy to recover, the meeting urged more efforts to enhance the implementation of the existing policies and flesh out the policy toolbox.

Efforts should focus on the development of sci-tech finance, green finance, inclusive finance, pension finance and digital finance, and be directed in a way that will promote the growth of new quality productive forces, according to the meeting.