China to make better use of structural monetary policy tools

China's central bank on Monday said full play should be given to the guiding roles of structural monetary policy tools.

Efforts should be made to make good use of relending and rediscount policies to support agriculture as well as micro and small firms, and the amount of such relending should be increased in a timely manner, according to a report released by the People's Bank of China.

The central bank will better leverage inclusive loans for micro and small enterprises and boost the support for agriculture-related businesses and sectors hit hard by COVID-19, the report said.

Special relending will be issued to support the clean and efficient use of coal, and support will be improved for large wind power and photovoltaic bases and for the renovation and upgrading of surrounding coal power plants, it said.

The implementation of special relending for sci-tech innovation and inclusive elderly care will also be boosted, according to the report.