Chinese central bank promises “moderately accommodative” monetary policy

BEIJING, January 5, 2025 (BSS/AFP) – China's central bank outlined a “moderately loose” monetary plan aimed at boosting domestic demand to boost growth, days after President Xi Jinping called for more flexible macroeconomic policies. proactive.

Last year, Beijing struggled to pull its economy out of a slump fueled by a housing market crisis, weak consumption and soaring public debt.

Authorities have unveiled measures to support growth, including cutting interest rates and easing restrictions on home buying, but economists have warned that more direct stimulus measures may still be needed.

The People's Bank of China (PBoC) said in a statement that it would “implement a moderately accommodative monetary policy…to create a good monetary and financial environment conducive to sustainable economic recovery.”

The statement released on Saturday reiterated its intention to reduce interest rates and the reserve requirement ratio, which determines the amount banks must hold in their coffers, rather than lending or investing.

He said the changes would be made “at an appropriate time” based on domestic and foreign conditions.

The PBoC stressed the need to root out corruption, signaling a continuation of a long-standing crackdown in China's financial sector.

He also said he would continue to help local governments resolve debt burdens with “financial support.”

The measures aim to “prevent and resolve financial risks in key areas, further deepen high-level financial reform and opening-up, focus on expanding domestic demand, stabilize expectations and stimulate vitality,” the statement said.

The bank's announcement comes after officials gathered for a two-day conference in the capital.

Beijing was targeting growth of around 5% in 2024, a goal that Xi has said he is confident of achieving but which many economists believe will be narrowly missed.

The International Monetary Fund expects China's economy to grow by 4.8% in 2024 and 4.5% in 2025.

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