PBOC, CSRC all in on boosting growth

Central bank focused on expanding consumption, backing private firms

China's central bank will make efforts to expand consumption and reduce corporate financing costs as part of concerted commitments made by the country's financial regulators to bolster support for economic recovery in 2023.

"Financial support will be amplified for the domestic supply and demand system," the People's Bank of China, the country's central bank, said in a statement on Wednesday, after holding a meeting to better comprehend and implement key decisions of the Central Economic Work Conference, which concluded last week.

The PBOC statement came hours after the China Securities Regulatory Commission unveiled a package of measures to better serve economic recovery next year, including maintaining a steady performance of the capital market by ushering in more medium to long-term investors.