China’s Central Bank and Top Banking Regulator Convene Meeting on Finance Supporting Real Economy During COVID

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The People’s Bank of China (PBOC) and the China Banking and Insurance Regulatory Commission (CBIRC) have just convened a joint meeting on pushing for the financial sector to better support the real economy during ongoing efforts to maintain the country’s strict zero-COVID policy.

“The financial system must fully recognise the urgency and importance of effectively performing financial services for pandemic control and prevention and economic and social development,” said the Meeting convened by PBOC and CBIRC on 19 April.

“[It] must uphold the concept of finance for the people, strengthen the bearing of responsibility, and pragmatically and effectively perform implementation work for financial policies.”

The Meeting also called for Chinese financial institutions to “actively lean forward in servicing the real economy,” with an especial focus on “micro-and-small entities in adversity; product delivery and logistics, investment and consumption, and new urban residents.”