China's central bank vows stronger financial support for enterprises

China's central bank will ramp up efforts to offer financial support for enterprises and ensure employment.

Since the COVID-19 outbreak, the People's Bank of China (PBOC) has stepped up measures including strengthening counter-cyclical policies, keeping liquidity reasonable and deferring loan and interest repayments for micro, small and medium firms, PBOC governor Yi Gang said at a recent symposium.

Having learned about the implementation of supportive policies and difficulties of enterprises, Yi called for innovation in financial services, and better protecting market entities and meeting their new financing demands.

In the meantime, preferential policies must be implemented fully to underpin employment and development of the real economy, Yi said.

In view of the current financing problems of small and micro enterprises, Yi urged departments of the PBOC to conduct in-depth research and improve the relevance and effectiveness of monetary and credit policies.