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Published: 21:43, August 10, 2022 | Updated: 23:03, August 10, 2022
China's central bank to step up prudent monetary policy
By Xinhua
Published:21:43, August 10, 2022 Updated:23:03, August 10, 2022 By Xinhua

In this undated file photo, pedestrians pass the headquarters of the People's Bank of China in Beijing. (KUANG DA / CHINA DAILY)

BEIJING - China's central bank on Wednesday pledged to intensify the implementation of prudent monetary policy and give full play to the functions of monetary policy tools.

The central bank will not engage in "flood irrigation" or excessive money supply, so as to provide stronger and higher-quality support for the real economy, the People's Bank of China said in its second-quarter monetary policy report.

READ MORE: PBOC: Systemic financial risk control a priority

The central bank will also promote China's financial reform and opening-up, further simplify the procedures for foreign investors to enter the Chinese market and enrich investable asset classes

More efforts will be made to maintain reasonably adequate liquidity, increase credit supply for enterprises, make good use of financial instruments, focus on supporting infrastructure development, and ensure the money supply and social financing will grow at a reasonable rate to achieve the best possible economic performance.

The central bank will also promote China's financial reform and opening-up, further simplify the procedures for foreign investors to enter the Chinese market, enrich investable asset classes, improve data disclosure, and continue to perfect the business environment.

On the back of timely policy moves and coordination, China's gross domestic product secured a positive growth of 2.5 percent year on year in the first half of 2022.

ALSO READ: PBOC steps up support for real economy

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