The People’s Bank of China (PBOC) and China’s State Administration of Foreign Exchange will step up the implementation of prudent monetary policy and keep the economy operating within a reasonable range, Pan Gongsheng, deputy head of the PBOC, said on Thursday.
The central bank will also further facilitate foreign institutional investors’ access to China’s bond market, said Pan.
Meanwhile, the Ministry of Finance said it will further promote the value-added tax refund policy, which is expected to increase this year’s tax refunds by 142 billion yuan ($21.23 billion) to 1.64 trillion yuan.
On Tuesday, China’s State Council issued a circular detailing a policy package that aims to stabilize the economy amid an elevated risk caused by the COVID-19 pandemic and the Russia-Ukraine conflict.
The package covers six areas, including fiscal, consumption and supply chain, and has a total of 33 measures.
By Odoh Dominic Chukwuemeka
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