China's central bank pledges measures in 2023 to bolster upturn

BEIJING - China will implement its prudent monetary policy in a targeted and efficient manner, and will ramp up financial support to domestic supply and demand, in a bid to shore up economic recovery in 2023, the country's central bank said Wednesday.

On top of maintaining sufficient liquidity through a combination of multiple policy tools, the People's Bank of China said it will work to reduce financing costs for market entities and help expand consumption, according to a statement released after a work meeting for the coming year.

It will follow through with financial measures rolled out last November to facilitate the stable and healthy development of the real-estate market.

The meeting also stressed renewed efforts on promoting financial opening and global cooperation, with an emphasis on the institutional opening of rules, protocols, standards and more. The global use of the Chinese yuan will be advanced in an orderly manner, said the central bank.

The country will strengthen day-to-day oversight on the financial businesses of platform enterprises, and will continue to pilot its digital fiat currency, said the central bank.

In 2023, the central bank will prioritize efforts to help foster an overall economic upturn, defuse major financial risks and deepen financial reforms and opening.