China's central bank vows strong support for economy in 2024

BEIJING, Jan. 5 (Xinhua) -- China's central bank vowed to provide strong and effective support for steady economic growth and high-quality development this year at a work conference in Beijing on Thursday and Friday.

Work will be done to deepen supply-side structural reform in the financial sector, expand high-level opening up in an orderly manner, and strengthen countercyclical and cross-cycle adjustments, according to a statement of the People's Bank of China.

Prudent monetary policies will be flexible, moderate, precise, and effective, and the growth of social financing and the money supply will be matched with the economic growth and price levels. The renminbi's exchange rate will remain stable at a reasonable and balanced level.

The statement said major areas and weak links will receive more financial support, including technological innovation, carbon emission reduction, agriculture, small firms, the private economy, and rural revitalization.

The opening up of the financial markets will be promoted, with easier access for foreign investors to China's bond market. The central bank will also actively participate in international financial governance and expand global cooperation. The yuan's internationalization will also take solid steps.

Efforts will be made to guard against and properly defuse financial risks in major fields.

Efforts will also be made to deepen financial reforms, improve financial services and management, and push forward institutional reform and business process optimization, according to the statement.