Monetary coverage in 2023 will concentrate on increasing demand, particularly private consumption, Guo informed state-owned CCTV on Sunday, reaffirming earlier official remarks.
Chinese leaders have pledged to extend help for the world’s second-largest economic system, which was hit laborious by COVID-19 lockdowns final yr in addition to slowing international demand. After powerful virus curbs have been reversed in December, the nation is now battling a surge of infections.
Financial coverage must be coordinated with fiscal and social insurance policies to extend revenue for low- and middle-income teams in addition to COVID-hit teams, Guo, who can be the chairman of the China Banking and Insurance Regulatory Commission, mentioned in a CCTV interview.
“Prudent monetary policy will be precise and forceful. That requires focus on expanding effective demand and deepening the supply-side structural reforms,” Guo mentioned.
Chinese monetary establishments ought to deal with all kinds of enterprises pretty, he mentioned, pledging the financial coverage will strengthen help to non-public enterprises, keep credit score development and decrease financing prices for companies.
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Authorities intention to widen financing channels for personal corporations, supporting their inventory and bond issuance, Guo mentioned.
China can even promote sound growth of on-line platform corporations, Guo mentioned , including rectification of economic companies of 14 platform corporations have been “basically completed” whereas a number of remaining points should be resolved. Guo didn’t title the businesses.
Since late 2020, Beijing stepped up management of the nation’s sprawling fintech giants, requiring them to return to fundamentals after years of breakneck development.
Authorities will undertake “normalized regulation” afterwards and encourage platform corporations to function in a compliant method, CCTV mentioned.