China to further strengthen implementation of monetary policy: PBOC

China will step up implementation of the existing monetary policies in efforts to promote development while maintaining stability, the People's Bank of China (PBOC) said in a statement released on Thursday after the latest quarterly meeting of its monetary policy committee.

According to the PBOC, the country's central bank, China's economy is rebounding, and is gaining momentum and making solid progress in its high-quality development. However, the meeting highlighted that the country is still facing challenges, such as insufficient domestic demand and a weak consumer outlook.

The central bank pledged to maintain reasonable and sufficient liquidity, guide reasonable credit growth and a balanced credit supply, and maintain the scale of social financing and money supply in line with the expected targets for economic growth and price levels.

Meanwhile, it will continue to accurately and effectively implement a prudent monetary policy, pay more attention to counter-cyclical and cross-cyclical adjustments, make better use of both the aggregate and structural functions of monetary policy tools, expand domestic demand, boost confidence and promote a virtuous economic cycle.

Efforts will be made to improve market-oriented interest rate formation and transmission mechanism, and push to reduce financing costs of businesses and the credit costs of residents, according to the PBOC.

Officials at the meeting also pointed out the need to further strengthen supply-side structural reforms in the finance sector and build mechanisms for the sector to better support the real economy.

The PBOC said it will bolster support for areas such as inclusive financing, green transformation, scientific and technological innovation, the digital economy, and infrastructure construction.

In addition, officials at the meeting stressed the importance of precise implementation of differentiated housing credit policies, better meeting people's needs for basic housing and better living conditions, satisfying the reasonable financing needs of real estate enterprises with various ownership structures without discrimination, and promoting the sound development of the property sector.(With input from Xinhua)