China has the confidence, ability and conditions to achieve its expected economic growth targets, said Yi Gang, governor of the People’s Bank of China, China’s central bank.
The central bank has been keeping the country’s prudent monetary policy more targeted and effective since the beginning of this year. It has also effectively supported economic recovery and growth, Yi said at a symposium during his inspection in Shanghai.
Yi anticipated that the GDP growth rate in the second quarter will be relatively high, and CPI is expected to gradually pick up in the second half of the year.
The central bank will continue to precisely and effectively implement a prudent monetary policy, while strengthening counter-cyclical adjustment, supporting the real economy, promoting employment and maintaining currency and financial stability, Yi said.
The bank will also better utilize monetary policy tools, maintain reasonably ample liquidity and keep the amount of currency and credit at an appropriate level and a steady pace, the governor said.
Yi called for efforts to optimize financial services and strengthen financial support for weak links such as private small and micro businesses and rural revitalization, as well as for industries conducive to stabilizing employment, such as the service sector.
Support for financing in key areas such as sci-tech enterprises and green development will also be enhanced, Yi said, adding that the central bank will deepen reform and opening up of the financial market and further optimize cross-border yuan policies.