China beefs up support for real economy

BEIJING: China's policymakers leverage financial resources to support small and medium enterprises (SMEs), scientific and technological innovation, and green development, thereby boosting economic recovery and securing high-quality development.

At the Annual Conference of Financial Street Forum 2023 in Beijing, Pan Gongsheng, governor of the People's Bank of China as well as head of the State Administration of Foreign Exchange, said that the central bank had intensified counter-cyclical adjustments to bolster the real economy, such as lowering reserve requirement ratios for banks, bringing down interest rates, rolling out favorable policies for home buyers, and encouraging inclusive loans to agriculture and small firms.