The People’s Bank of China (PBOC) has announced the extension of a trio of key monetary policy instruments as the Spring Vacation draws to a close.
A directive recently issued by PBOC announced that:
- The implementation of carbon emission reduction support tools will continue until the end of 2024, and some local corporate financial institutions and foreign-funded financial institutions will be included in the scope of financial institutions of carbon emission reduction support tools to further expand the scope of policy benefits and deepen international cooperation in green finance.
- The implementation of special refinancing for clean and efficient use of coal will continue until the end of 2023. “In 2023, we will continue to implement carbon emission reduction support tools and special refinancing for clean and efficient use of coal in parallel, so as to support the transformation of the economy to green and low-carbon while ensuring the security of energy supply, to help achieve the goal of carbon neutrality in a scientific and orderly manner,” PBOC said.
- Special re-loans for transportation and logistics will continue to be implemented until the end of June 2023. “Small, medium and micro logistics and storage enterprises will be included in the scope of support, and financial support for transportation and logistics will be further strengthened to ensure the smooth flow of transportation and logistics, and help the high-quality development of the transportation and logistics industry.”
PBOC also said that in future its “structured monetary policy will uphold the principles of focus on key points, rational moderation, and advance and withdrawal,” and that it would continue to focus on support for key areas and weak linkages of the economy including financial inclusion, green development, scientific and technological innovation and infrastructure development.