China’s central bank vows strong support for economy in 2024

The People’s Bank of China (PBOC), the country’s central bank, vowed to provide strong and effective support for steady economic growth and high-quality development in 2024 at a work conference held in Beijing from Thursday to Friday.

The PBOC said it will work to sustain healthy financing activity while expanding financial opening-up this year as part of its efforts.

In a statement released on Friday, the PBOC said that it will focus on ensuring a balanced allocation of new credit, enhance the efficiency of existing funds and improve the credit structure so that social financing can achieve relatively rapid and sustainable growth throughout the year.

China will also deepen financial market opening-up, including making it easier for foreign investors to take part in the country’s bond market, it said.

The central bank said it will actively participate in international financial governance activities and expand global cooperation. It will also take solid steps to continue promoting the yuan’s internationalization.

Efforts will be made to enhance the connectivity of domestic and overseas financial infrastructures, engage in the formulation of international trade rules involving the financial sector, further improve the policy system that facilitates cross-border renminbi use and improve payment services for overseas visitors to China, the central bank said.

It noted that major areas and weak links will receive more financial support, including areas relating to technological innovation, carbon emission reduction, agriculture, small firms, the private economy and rural revitalization.