Chinese Central Bank reveals plan to stimulate economy in ‎‎2023‎

The People’s Bank of China (the central bank) revealed on Wednesday that Beijing will implement its prudent monetary policy in a targeted and effective manner, and strengthen financial support for domestic supply and demand, with the aim of accelerating economic recovery in 2023.

The central bank said – in a statement reported by the Chinese news agency, that it will work to reduce the financial costs of market entities and help increase consumption, and will also continue to follow up on the financial measures introduced last November to facilitate the stable and healthy growth of the real estate market.

The meeting also emphasized the updated efforts to enhance financial openness and global cooperation, with an interest in institutional openness to rules, agreements, standards and other matters. Global use of the Chinese currency (yuan) will improve steadily, according to the central bank

The country will strengthen day-to-day supervision of the financial business of platform institutions, and its experimental work on digital currency will continue, according to the Chinese central bank.

In 2023, the Chinese central bank will step up efforts to help stimulate the overall economic recovery, contain major financial risks and deepen financial reforms and opening-up.