Chinese Central Bank Calls for Monetary Policy to be “Actively Responsive,” Maintaining Moderate Growth in New Loans


The People’s Bank of China (PBOC) has flagged the adoption of a more active monetary policy response to the economic impacts of problems in the real estate sector as well as a renewed round of COVID-19 related lockdowns.

PBOC governor Yi Gang convened a meeting of senior financial cadres on 16 March, for the purpose of “further conveying and studying the spirit of the 51st specialist meeting of the Financial Stability and Development Commission.”

Policy measure highlighted by the meeting included:

  • The need for monetary policy to be actively responsive.
  • Maintaining moderate growth in new lending.
  • Providing vigorous support to micro-and-small enterprises.
  • Firmly supporting the development of the real economy.
  • Keeping economic operation within a rational range.
  • Preventing and dissolving financial market risk.

The meeting also called for “appropriately advancing the completion of rectification of large-scale Internet platforms as soon as possible, expediting the healthy and stable development of platform economies and raising their international competitiveness.”