On the noon of March 16, Yi Gang, Governor of the People’s Bank of China (PBC) and Director of the Office of the Financial Stability and Development Committee (FSDC Office) under the State Council, chaired a meeting to convey and study the guidelines of the 51st meeting of the FSDC and to map out the implementation within the PBC system. In line with the meeting’s requirements, the PBC will resolutely implement the decisions and arrangements made by the Central Committee of the Communist Party of China (CPC) and the State Council, enhance political stance, and fulfill the requirements of the FSDC. The PBC will act proactively and fully implement the guidelines of the Central Economic Work Conference and the arrangements made on the Two Sessions (the National People’s Congress [NPC] and the National Committee of the Chinese People’s Political Consultative Conference [CPPCC]). The PBC will continue to take economic development as the central task, pursue high-quality development, deepen reforms, further opening-up, uphold market- and law-based principles, protect property rights and commit itself to the “Two Unwavering Commitments”. The PBC will act on its own initiative to maintain new loans at an appropriate growth. By doing so, vigorous and solid support will be extended to micro, small and medium-sized enterprises (MSMEs) and the real economy, thereby ensuring that China’s economy performs within a reasonable range. Guided by the principle of pursuing progress while ensuring stability, the PBC will prevent and address the major risks in the real estate market, and press ahead the rectifications of large platform companies and finish this task as soon as possible, so as to achieve the sound and stable growth of the platform economy and improve international competitiveness accordingly. The PBC will further strengthen the inter-agency policy coordination, timely respond to hot issues in the market, stabilize expectations and boost confidence, thus maintaining the stable and sound development of the economy and safeguarding the stable development of the capital market.
