China's moderately loose monetary policy continued to show effects in the first quarter, with financial aggregates expanding at a reasonable pace and social financing conditions remaining accommodative, the central bank said Monday.
At the end of March, loans to the technology, green development, inclusive finance, elderly-care and digital economy sectors all maintained double-digit growth, according to the People's Bank of China's first-quarter monetary policy implementation report.
In the first quarter, the central bank's operations registered a net injection of about 2 trillion yuan (about 292.11 billion U.S. dollars) in medium and long-term funds, keeping liquidity ample.
The central bank has improved structural monetary policy tools and further optimized the credit structure. At the end of March, outstanding loans to sci-tech small and medium-sized enterprises increased 20.9 percent year on year, while outstanding loans to the private economy, agriculture-related matters and key areas of service consumption rose 5.4 percent, 6.7 percent and 5.4 percent, respectively.
Looking ahead, the central bank said it will continue to implement a moderately loose monetary policy, flexibly use various monetary policy tools, keep liquidity ample and social financing conditions relatively loose, and guide reasonable growth in financial aggregates and balanced credit supply.
It will also make good use of structural monetary policy tools and strengthen financial support for key areas such as expanding domestic demand, sci-tech innovation, and micro, small and medium-sized enterprises, the report said.
China's moderately loose monetary policy continues to show effects
China's moderately loose monetary policy continues to show effects
