Financials , Technology Author:Yiran Xing Editor:Tao Ni May 07, 2022 10:27 AM (GMT+8)

This conference conveyed China's response to the complex international environment resulting from COVID-19 and the Ukrainian crisis.

Central Bank

The People's Bank of China (PBOC), or China's central bank, held a meeting recently to discuss how to offer financial support to keep the economy running and promote the standardized and healthy development of the platform economy.  

The meeting held that under the requirements of the CPC Central Committee to "control the COVID-19 pandemic, stabilize the economy and secure development," the PBOC should guide financial institutions to meet the financing needs of the real economy and promote the recovery of consumption by using various monetary policy tools.

Specifically, the central bank pledged to optimize financial services, unleash the pent-up consumption potential and facilitate the continued recovery of consumption, to support Covid-battered industries and companies in several steps.

To meet these purposes, efforts need to be made to increase the scale and scope of financing for small-and medium-sized enterprises and reduce their financing costs.

Moreover, the PBOC also called for efforts to step up financing support for companies that are engaged in scientific and tech innovation and are recognized as so-called "specialized, refined, differential and innovative" companies.

Another task is to support industries facing difficulties such as foreign trade, service and civil aviation.

What's more, the authorities also vowed to enhance the levels of development for supply chain finance, bolster food and energy supply, and ensure smooth logistics and a stable industrial supply chain.

The meeting also stressed the need to mitigate systemic financial risks, optimize the credit policy concerning the real estate sector to promote its virtuous development cycle, and exercise regular supervision against the financial activities of platform companies.