PBOC stresses stability, demand expansion after meeting

The People's Bank of China, the country's central bank, vowed on Friday to spare no effort in stabilizing economic growth, employment and price levels, with a focus on supporting the expansion of domestic demand.

Efforts will be made to maintain reasonable credit growth at a steady pace and support government investment in infrastructure while crowding in private investment, the central bank said in a statement after a quarterly meeting of the PBOC monetary policy committee.

While boosting financial support for the manufacturing sector and employment, the central bank also seeks to optimize consumer financial services when it comes to big-ticket consumer goods and social services.

The central bank will leverage the market-oriented mechanism of deposit rate adjustment and loan prime rate reform to tamp down the financing costs facing enterprises and consumers while keeping it generally stable.

Banks will be supported in terms of capital replenishment to ensure stable development of financial markets, while the risks of leading real estate enterprises should be effectively resolved with improvements in their asset and liability situation.

The central bank will also beef up support for key areas and weak links of the economy, including inclusive finance, green development, technological innovation and infrastructure construction, and comprehensive measures will be taken to promote coordinated regional development.