THE central bank and the country’s banking and insurance regulator yesterday urged financial institutions to step up support for the contact-intensive services sector and small firms impacted by COVID-19 resurgences.

Financial support should be also prioritized to key sectors including freight logistics and consumption, the People’s Bank of China (PBOC) said in a statement issued yesterday, following a meeting attended by the country’s top finance regulatory officials a day earlier.

Flexible adjustments should be made to mortgage payment schedules for homebuyers impacted by COVID flare-ups, the PBOC said in a statement.

The PBOC said Friday it would cut the amount of cash that banks must hold as reserves for the first time this year, releasing about 530 billion yuan (US$83.25 billion) in long-term liquidity to bolster slowing economic growth, effective from April 25.

And in yesterday’s statement, the PBOC said the effectiveness of policies depended on monetary adjustments being fully passed on to the economy in order to release the benefits as early as possible.

The National Development and Reform Commission (NDRC) has also called for the implementation of policies to support the country’s catering, retail and tourism sectors.

The NDRC will work with relevant parties to enhance the implementation of macro policies, boost policy coordination, and focus on stabilizing the economy, it said Tuesday. (SD-Agencies)