China's central bank on Wednesday pledged monetary policy support to ensure ample liquidity, help businesses badly hit by the latest COVID-19 outbreak in the country and support a recovery in consumption.
The remarks came after a top decision-making body of the ruling Communist Party last week also vowed to support the economy.
Financing institutions should aim to meet the needs of the real economy, the PBOC said, such as boosting financing for small firms with lower costs, helping import and export firms, as well as the service sector and aviation companies which have been badly hit by the pandemic. Economists say Beijing's target for economic growth of about 5.5% this year will be hard to achieve without significant stimulus, as lockdowns and other tough curbs to battle the pandemic cause havoc in supply chains.
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