China’s central bank will step up support for private firms as part of steps to shore up the economy, while easing a crackdown on tech companies, Guo Shuqing, Communist party chief of the People’s Bank of China, was quoted by state media as saying.
Monetary policy in 2023 will focus on expanding demand, especially personal consumption, Guo told state-owned CCTV on Sunday, reaffirming earlier official remarks.
Chinese leaders have pledged to increase support for the world’s second-largest economy, which was hit hard by COVID-19 lockdowns last year as well as slowing global demand. After tough virus curbs were reversed in December, the country is now battling a surge of infections.
