China pledges to increase financial support for the real economy

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People's Bank of China headquarters in Beijing, China, June 6, 2022. /CFP

China will step up financial support for the real economy and maintain a prudent monetary policy, said Yi Gang, governor of the People's Bank of China (PBOC), in a speech released on Saturday.

He gave the speech during a session at China's top legislature on Friday.

China has kept liquidity reasonably ample in 2022, increasing new yuan loans by 18.08 trillion yuan ($2.49 trillion) in the first nine months of the year, a rise of 1.36 trillion yuan compared with the same period last year.

A special loan of 200 billion yuan was arranged to facilitate real estate delivery this year and to ease homebuyers' frustration.

Moving forward, China will continue to implement a prudent monetary policy and comprehensively strengthen and improve financial supervision, said Yi.

Additionally, it will continue to deepen financial reform and opening-up, in addition to actively tackling financial risks, he said.

China has hit milestones in resolving major financial risks, with more than 12 trillion yuan in non-performing assets disposed of in the banking sector from 2017 to 2021.

In terms of the currency movement, Yi said that the PBOC would keep the yuan relatively stable while increasing the flexibility of the currency's exchange rate.

China has introduced several measures to shore up the economy this year. Its third-quarter GDP grew by 3.9 percent compared with a year earlier, beating market expectations.

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