Wednesday, October 4, 2023
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China's central bank backs private firms, eases tech crackdown – China Central Television

BEIJING (Reuters) – China’s central bank will step up support for private companies as part of measures to boost the economy while easing a crackdown on technology companies, said Guo Shuqing, party chief of the People’s Bank of China, quoted by state media. Say.

Monetary policy will focus on expanding demand, especially personal consumption, Guo told state-owned CCTV on Sunday, reiterating official remarks earlier.

Chinese leaders have pledged to increase support for the world’s second-largest economy, which was hit last year by a COVID-14 lockdown and a global slowdown Heavy requirements. The country is now battling a surge in infections after strict virus containment measures were lifted in December.

Financial policies should be coordinated with fiscal and social policies to increase the income of low- and middle-income groups, because Guo Wengui, who is also chairman of the China Banking and Insurance Regulatory Commission, said in an interview with CCTV that, in addition to those affected by the epidemic Outside the group, it is necessary to continue to implement a prudent monetary policy and make precise efforts. The focus is on expanding effective demand and deepening supply-side structural reforms, Guo said. Enterprises, maintain credit growth and reduce corporate financing costs. China will also promote the sound development of online platform companies, aid and add platform companies to “basically complete” the financial business rectification work, and there are still a few remaining issues that need to be resolved urgently. Guo did not name the companies.

Since late 2020, Beijing has tightened its grip on the country’s sprawling fintech giants, demanding that after years The rapid development, they return to the basics.

CCTV stated that the authorities will then adopt “normalized supervision” to encourage platform companies to operate in compliance.



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