China to strengthen financial support for economy's high-quality development: report

BEIJING -- The Chinese government will continue to improve the quality and efficiency of financial services, encourage financial institutions to optimize loan structure, strengthen financial support for new quality productive forces, and intensify the cultivation of patient capital, according to a State Council report on financial work. The report, which was recently submitted to the 12th session of the Standing Committee of the 14th National People's Congress for deliberation, said it is necessary to intensify the counter-cyclical adjustment of monetary policy and adhere to a supportive monetary policy stance by intensifying as well as improving the precision of monetary policy regulation and making greater efforts in materializing incremental policies. It noted that it is necessary to keep liquidity adequate at a reasonable level and lower financing costs for enterprises and households, as well as continuing to properly utilize structural monetary policy tools to strengthen support for major strategies, key areas and weak links. According to the report, the country will comprehensively strengthen financial supervision, continue to deepen financial reform and opening up, and guard against and defuse financial risks in a proactive and prudent manner to maintain the overall stability of the financial system.