China will expand the range of instruments to support financing for private enterprises and promote a smooth transition of the real estate industry to a "new development model," the People's Bank of China (PBOC) said on Wednesday.

The country will implement "two unwavering measures," namely to expand the range of support for bond financing for private enterprises, and encourage financial institutions to increase credit to private enterprises in 2023, according to the PBOC statement following its 2023 financial market work conference.

The PBOC said it will focus on strengthening financial services within China's agricultural sector, in a move to consolidate and expand the achievements made in poverty alleviation and continue to enhance the ability of financial services to serve rural revitalization work.

Late last year, the PBOC and the China Banking and Insurance Regulatory Commission issued a 16-step guideline that pledged to stabilize loan supply for real estate development and support the reasonable demand for individual housing loans. 

The central bank said China will continue providing financial services to ensure the smooth delivery of housing projects and increase financial support for housing leasing.