China’s central bank pledged on Wednesday to step up the implementation of prudent monetary policy and fully operate monetary policy tools.
The central bank will not engage in “flood irrigation” or excessive money supply, in order to provide stronger and better support to the real economy, the People’s Bank of China said in its statement. second quarter monetary policy report.
More efforts will be made to maintain reasonably adequate liquidity, increase the supply of business credit, make good use of financial instruments, focus on supporting infrastructure development and ensuring that the money supply and social finance increase at a reasonable pace in order to achieve the best possible economic performance.
The central bank will also promote China’s financial reform and opening-up, further simplify procedures for foreign investors to enter the Chinese market, enrich investable asset categories, improve data disclosure and continue to perfect the business environment.
Thanks to timely policy measures and coordination, China’s gross domestic product recorded positive growth of 2.5% year-on-year in the first half of 2022.