CHINA will step up financing support for private micro and small enterprises, its central bank said yesterday, as the country aims to build on a recovery from COVID-19 disruptions while facing weaker demand abroad.

The People’s Bank of China will support reasonable bond financing needs for private companies, the central bank of the world’s second-largest economy said in a statement after a work meeting.

“We will precisely and effectively implement the prudent monetary policy, keep an appropriate pace of loan issuance, and keep the total supply of money and credit at an appropriate amount and grow steadily,” the central bank said.

The private sector provides a third of all jobs in China and creates 90% of new urban jobs.

The central bank also vowed to ensure that credit growth stays “reasonable” and do its best to stabilize growth, employment and prices, according to the statement.

The meeting was chaired by central bank Party secretary Guo Shuqing and attended by governor Yi Gang, who was reappointed to his post over the weekend. (SD-Agencies)