The People’s Bank of China said it will focus on supporting domestic demand expansion and stabilizing economic growth and prices while avoiding ‘floodlike’ stimulus
China’s economy is expected to generally rebound in 2023 and monetary policy will be precise and forceful, the central bank said in its quarterly policy implementation report released on Friday.
However, it said that the external environment remains “severe and complex,” adding that the basics of domestic economic recovery are “not solid.” The report also said the property sector requires time to transition while the pressure of balancing local government fiscal revenue and expenditure persists.
The report has not changed substantially from the previous one, with markets anticipating a government reshuffle, especially of the economic team, and the announcement of economic targets and policies for 2023 during an annual parliamentary meeting kicking off on March 5. The PBOC will keep liquidity reasonably ample and maintain effective credit growth, according to the report.
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