BEIJING : China's central bank will step up support for private firms as part of steps to shore up the economy, while easing a crackdown on tech companies, Guo Shuqing, Communist party chief of the People's Bank of China, was quoted by state media as saying.Monetary policy in 2023 will focus on expanding
BEIJING : China's central bank will step up support for private firms as part of steps to shore up the economy, while easing a crackdown on tech companies, Guo Shuqing, Communist party chief of the People's Bank of China, was quoted by state media as saying.
Chinese leaders have pledged to increase support for the world's second-largest economy, which was hit hard by COVID-19 lockdowns last year as well as slowing global demand. After tough virus curbs were reversed in December, the country is now battling a surge of infections. "Prudent monetary policy will be precise and forceful. That requires focus on expanding effective demand and deepening the supply-side structural reforms," Guo said.
Authorities aim to widen financing channels for private firms, supporting their stock and bond issuance, Guo said.
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