Guo Shuqing, Communist Party chief of the People’s Bank of China, was quoted by state media as saying that China’s central bank will increase support for private firms as part of steps to shore up the economy, while easing crackdowns on tech companies.
Monetary policy in 2023 will focus on expanding demand, especially personal consumption, Guo told state-owned CCTV on Sunday, confirming earlier official comments.
Chinese leaders have pledged to increase support for the world’s second-largest economy, which was battered last year by COVID-19 lockdowns as well as slowing global demand. After strict virus restrictions were reversed in December, the country is now grappling with a surge of infections.
Guo, who is also chairman of the China Banking and Insurance Regulatory Commission, said in a CCTV interview that financial policy should be coordinated with financial and social policies to protect low- and middle-income groups as well as Covid-affected groups. To increase income. ,