Chinese Central Bank Outlines Eight Key Missions for Second Half of 2021

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The People’s Bank of China (PBOC) has outlined its chief focal points for policy decisions in the second half of 2021.

PBOC convened its work meeting for the second half of 2021 on 30 July, stating that it would “uphold the overall theme of seeking progress amidst stability, maintain the stability of macro-policy and refrain from flood-style irrigation,” while also indicating that “stable monetary policy will continue to focus on supporting the real economy.

“We will vigorously advance reform and opening, strengthen fair regulation, oppose trusts and unfair competition, expedite stable growth in foreign trade and foreign investment, and ensure that key full year development targets are fulfilled.”

PBOC also outlined a range of eight key missions for the second half of 2021:

  1. Maintaining “stability” as the watchword. Stable monetary policy must be flexible and targeted, and rationally moderate.
  2. Overall coordination. Accelerating improvements to the green financing system.
  3. Pragmatically preventing and disposing of major financial risk.
  4. Continuing to strengthen macro-prudential regulation.
  5. Further advancing financial opening in an orderly manner.
  6. Deepening financial reform in key areas.
  7. Driving and guiding Internet platform enterprises to conduct comprehensive rectification with reference to regulatory requirements. Maintaining heavy pressure on speculative trading in cryptocurrencies.
  8. Continuing to effectively perform financial services and regulation.

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