China monetary policymakers pledge to strengthen economic recovery

China's monetary policymakers have pledged to amplify policy adjustments to strengthen economic recovery, with a focus on motivating more private investment, promoting a pickup in price levels and reducing financing costs.

The People's Bank of China, the country's central bank, said prudent monetary policy should be flexible, moderate, precise and effective amid a more complex, severe external environment and a domestic economic recovery that is showing a strengthening momentum but facing challenges such as insufficient effective demand and weak social expectations.

The central bank will emphasize more on counter-cyclical and cross-cyclical adjustments and intensify adjustments in macroeconomic policies to continuously consolidate the foundation for the economy to improve, the PBOC said in a statement on Thursday after its monetary policy committee held its fourth-quarter meeting.

It was decided at the meeting to enhance the impact of government investment and policy incentives in catalyzing private investment, promote a recovery in price levels, push for a moderate decrease in the financing costs of enterprises and residents, and make a more efficient use of financial resources that have been allocated inefficiently.