China’s central bank and the country’s top banking regulator said on Tuesday they will increase financial support for the domestic demand and supply system to help the economy, while ensuring steady and orderly financing for the real estate sector. .
The People’s Bank of China and the Banking and Insurance Regulatory Commission said major banks should ensure an adequate pace of credit issuance and further optimize the credit structure, regulators said in a joint statement.
Chinese leaders pledged to focus on stabilizing the economy in 2023, stepping up adjustments to cushion the impact of a spike in Covid-19 infections at a time when a weakening global economy is hurting exports.
“We need to support financial services for key areas such as infrastructure investment, small and micro-enterprises, technology and innovation, manufacturing and sustainable development,” the regulators said.
Regulators will also take steps to improve the operations and cash flow of high quality real estate developments with some systemic importance.
They will guide high-end real estate companies’ balance sheets back into a safe range, according to the release.
Source: CNN Brasil
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