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China stresses more financial support for real economy, defusing debt risks

Xinhua | August 21, 2023


China's financial authorities have stressed efforts to enhance financial support for the real economy, as well as to prevent and defuse local-government debt risks.

Financial support for the real economy should be strong in intensity, steady in pace, sound in structure and sustainable in prices, the People's Bank of China said in a statement released Sunday after a joint meeting with the National Financial Regulatory Administration and the China Securities Regulatory Commission.

The country's economic recovery has been a wave-like development and a tortuous process, according to the statement, which urged efforts to push for the continuous improvement of economic performance, endogenous driving force and social expectations, and continuously defusing risks and hidden dangers.

The country vowed to strengthen credit support for micro, small and medium-sized enterprises as well as sectors such as green development, technological innovation and manufacturing, the renewal of urban villages and the construction of public infrastructure that can be used both in everyday life and emergencies.

It also pledged to make the financial support for the real economy more sustainable, and ensure that the financial sector plays a positive role in boosting consumption, stabilizing investment and expanding domestic demand.

At the meeting, financial authorities pledged efforts to enrich policy tools and measures for preventing and defusing debt risks, while intensifying the mechanisms for risk monitoring, assessment, prevention and control, and pushing forward the risk management work in key regions to firmly protect the bottom line of no systemic risks.