The People’s Bank of China speaks about implementing the spirit of the Central Economic Work Conference
Xinhua News Agency, Beijing, January 8 – The People’s Bank of China recently discussed the implementation of the important deployments of the Central Economic Work Conference at the end of 2023. The conference had systematically deployed economic work in 2024 and emphasized the need to maintain high-quality economic development while keeping the bottom line of risks in check.
The relevant person in charge of the People’s Bank of China discussed the various measures that will be taken to achieve these goals. Zou Lan, director of the Monetary Policy Department of the People’s Bank of China, highlighted the need to create a good monetary and financial environment for high-quality economic development. This involves strengthening counter-cyclical and inter-cyclical adjustments and making efforts from the three aspects of total volume, structure, and price to support the scale of social financing and the reasonable growth of money and credit.
In addition, the People’s Bank of China will give full play to the dual functions of the total volume and structure of monetary policy tools, revitalize the stock, and improve efficiency. This will be achieved by further improving the guidance effectiveness of monetary and credit policies and promoting technology, finance, green finance, inclusive finance, pension finance, and digital finance to serve high-quality development.
Furthermore, the People’s Bank of China emphasized the need to firmly adhere to the bottom line of preventing systemic risks. Sun Tianqi, director of the Financial Stability Bureau of the People’s Bank of China, stated that the country’s financial system is generally stable. The central bank has taken various measures to effectively deal with outstanding risk points and has made significant progress in preventing and resolving major financial risks.
The Central Economic Work Conference has also made important arrangements for expanding high-level opening up to the outside world and promoting the international use of the RMB. Li Bin, director of the Macro-Prudential Administration Bureau of the People’s Bank of China, highlighted the need to improve the quality and level of RMB internationalization to meet the rising demand of business entities for cross-border and international payments in trade and investment.
In conclusion, the People’s Bank of China aims to maintain a good monetary and financial environment for high-quality economic development, prevent and resolve key financial risks, and improve the international use of the RMB to support the country’s overall economic goals.