PBOC: China to rely less on heavy capital support

Zhou Xiaochuan, governor of the People's Bank of China. [Photo/VCG]

China will rely less on wide capital support policies for economic growth as it seeks high-quality development, the country's central bank governor said on Friday.

"We plan to use the money in a more efficient way as the money supply is sufficient enough," Zhou Xiaochuan, governor of the People's Bank of China, said at a press conference on the sidelines of the annual session of the National People's Congress, adding that it will not point to liquidity crunch.

Both monetary and foreign exchange policies will be adjusted accordingly, he said.

As for whether China will follow US Federal Reserve future steps to raise interest rates, Yi Gang, vice-governor of the central bank, said the PBOC mainly looks at the domestic economic and financial conditions and will make comprehensive consideration.