The People’s Bank of China, China’s central bank, promised fiscal policy aid to make sure of ample liquidity, to assist businesses struggling due to the current covid-related lockdowns and boost consumption recovery, reports Reuters. The remarks came after a top decision-making body of the ruling Communist Party last week also vowed to support the economy.
“(We shall) waste no time planning incremental policy tools to support steady economic growth, stabilize employment and prices…to provide a fair monetary and financial environment,” the People’s Bank of China said in a statement on Wednesday. It did not detail what measures it could take.
Financing institutions should aim to meet the needs of the real economy, the PBOC said, such as boosting financing for small firms with lower costs, helping import and export firms, as well as the service sector and aviation companies which have been badly hit by the pandemic.