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QINGDAO TODAY
在线翻译:
szdaily -> Business -> 
Pandemic’s impact on economy ‘controllable’
    2020-06-30  08:53    Shenzhen Daily

THE central bank said Sunday that the country’s economic growth faces challenges from the global coronavirus pandemic, despite signs of improvement amid business re-openings.

The People’s Bank of China (PBOC) reiterates in a statement that impact of Covid-19 outbreak on Chinese economy is overall controllable and that it will keep the yuan stable at reasonable, equilibrium level.

It would continue to guide lending rates lower by exploiting the full potential of reforms, and would strengthen financial support to small- and medium-sized enterprises and private firms, it said in the statement released after a quarterly meeting of its monetary policy committee.

The central bank vowed stronger macro-economic policy adjustment as well as better fiscal, monetary and employment policy coordination and implementation to counter the impact of COVID-19 on economic growth.

The country will pursue a prudent monetary policy in a more flexible and appropriate way, and put boosting the real economy and sustainable development at a more prominent position, the central bank said.

The central bank will implement newly created monetary tools to make sure liquidity will reach real economy, according to the statement.

It will increase proportion of smaller company loans, credit loans and manufacturing loans and will continue to lower lending rates via reform.

Premier Li Keqiang said China should increase support to protect smaller and labor-intensive companies and help key trade enterprises solve problems to stabilize jobs, according to a statement on the Central Government’s website.

Li encouraged banks to boost credit support for trade companies and speed up cross-border e-commerce and online trade and called for opening up of services industry to attract foreign investment.  (SD-Agencies)

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