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Published: 10:43, June 30, 2022 | Updated: 10:47, June 30, 2022
PBOC stresses importance of support for real economy
By Xinhua
Published:10:43, June 30, 2022 Updated:10:47, June 30, 2022 By Xinhua

This file photo taken on March 13, 2018 shows the headquarters of the People's Bank of China. (CAI YANG / XINHUA)

BEIJING - China's central bank on Wednesday said that it will build an effective mechanism to provide financial support for the real economy.

While encouraging financial institutions to step up their issuance of loans to the manufacturing industry, the bank will make solid efforts to stabilize industrial and supply chains, according to a quarterly monetary policy implementation meeting of the People's Bank of China.

Regarding the utilization of structural monetary tools, China's central bank, the People's Bank of China, called for efforts to expand the issuance of inclusive loans to micro and small firms, and efforts to help them stabilize employment

Regarding the utilization of structural monetary tools, the bank called for efforts to expand the issuance of inclusive loans to micro and small firms, and efforts to help them stabilize employment.

ALSO READ: PBOC to boost steady, healthy development of financial market

The central bank will also make full use of its supporting tools for carbon reduction as well as its re-lending facilities for the clean and efficient use of coal, sci-tech innovation, inclusive elderly care, and transport and logistics.

On stabilizing the financial market, the bank stressed the need to fine-tune market-oriented interest rate formation as well as the transmission mechanism for interest rates, and the need to optimize the policy interest rate system and tighten the regulation of deposit interest rates.

It will also seek to stabilize debt costs for banks, maximize the functions of the loan prime rate, and reduce overall financing costs for enterprises.

READ MORE: PBOC's Yi: China to continue prudent monetary policy

Efforts will also go into ensuring the sound development of the property market and preventing financial risks amid the country's financial opening-up, the bank said.

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