China’s Central Bank Seeks Prudent Housing Policy to Support Healthy Growth
China’s Central Bank Seeks Prudent Housing Policy to Support Healthy Growth
(Bloomberg) -- China’s central bank said it will continue to push for the healthy development of the property market and seek to prevent financial risks, reiterating a stance from top policy makers last week.
The People’s Bank of China vowed to implement its real estate financial prudential management system, it said in a statement Tuesday following a meeting to study the result of last week’s Central Economic Work Conference.
The PBOC said “housing is for living in, not speculation,” repeating a statement from the work conference, where top leaders pledged to roll out more policies to stabilize growth next year.
The central bank said it will support the improvement of financial policies on residential property leasing, and promote the healthy development of the real estate industry.
The PBOC repeated its stance of keeping monetary policy flexible and appropriate. It will make policy more forward-looking and targeted, and increase the flexibility of the yuan exchange rate, it said in the statement.
The central bank also pledged to push forward the development of the digital yuan in an orderly manner, and continue preventing financial risks. It will step up its crackdown on unfair competition and monopolies, according to the statement.
The PBOC’s meeting was chaired by Party Secretary Guo Shuqing on Monday, with Governor Yi Gang also in attendance.
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With assistance from Bloomberg