China to up financial support through inclusive loans

BEIJING -- China will continue to provide inclusive loan support for small and micro businesses, and loans to ensure the delivery of pre-sold homes, according to the People's Bank of China, the central bank.

Support will be ramped up for key areas and weak links such as inclusive finance, green development, sci-tech innovation and infrastructure construction, according to the central bank's regular second-quarter meeting.

The meeting noted that domestic economic operations have been picking up, but still lack an internal driving force and demand.

The central bank pledged efforts to precisely and effectively implement a prudent monetary policy, while strengthening counter-cyclical adjustment to support the real economy, the meeting said.

The monetary policy transmission mechanism will be smoothed further to maintain reasonable and steady credit growth, the meeting said, calling for efforts to give full play to policy-based and developmental financial instruments and funds while strengthening the guidance of government investment and policy incentives to effectively stimulate private investment.

Efforts to deepen market-based exchange rate reforms will continue in order to keep the renminbi's exchange rate generally stable at an appropriate and balanced level.

The meeting also called for solid work in ensuring the delivery of pre-sold homes, people's livelihoods and stability, and in promoting the steady and healthy development of the real estate market.