China's central bank vows more vigorous support for real economy

BEIJING, Sept. 29 (Xinhua) -- China's central bank on Thursday said that it would strengthen cross-cyclical and counter-cyclical adjustments, and step up the implementation of prudent monetary policy, among other efforts, to provide more vigorous support for the real economy.

At a quarterly meeting of its monetary policy committee, the People's Bank of China said that it would smooth the monetary policy transmission mechanism, maintain liquidity at a reasonable and ample level, and shore up the stable growth of the total credit amount.

Policy-backed and development-oriented financial instruments will be used to support infrastructure development, while structural monetary tools will be leveraged to enhance support for key sectors, weak links and COVID-impacted industries, according to the bank.

It also stressed the need to optimize the policy interest rate system to further lower the costs of corporate financing and consumer loans.

The central bank pledged to make full and good use of its policy toolkit by adopting city-specific policies, and to support people's essential housing needs, as well as their needs for better housing, to promote the stable and sound development of the real estate market.