China’s Central Bank Unveils Robust Commitment: Pledges Strong Support for Economy in 2024
Beijing, The Gulf Observer: China’s central bank has affirmed its commitment to providing robust and effective support for stable economic growth and high-quality development during a two-day work conference in Beijing.
The People’s Bank of China outlined key measures, including deepening supply-side structural reform in the financial sector, orderly expansion of high-level opening up, and reinforcing countercyclical and cross-cycle adjustments.
Monetary policies will be prudent, flexible, moderate, precise, and effective, with social financing and money supply growth aligned with economic and price level considerations. The exchange rate of the renminbi will be maintained at a stable and balanced level.
Financial support will prioritize major areas and weak links, such as technological innovation, carbon emission reduction, agriculture, small firms, the private economy, and rural revitalization.
Additionally, efforts will focus on promoting the opening up of financial markets, facilitating foreign investors’ access to China’s bond market, actively participating in international financial governance, and advancing global cooperation. The yuan’s internationalization will be further pursued. The central bank is also dedicated to guarding against and defusing financial risks in major fields while deepening financial reforms, enhancing financial services and management, and driving institutional reform and business process optimization.
