Shanghai forum calls for quality development

While China's major economic indicators have shown marginal improvement amid the COVID-19 epidemic, continued efforts are needed to make the nation's prudent monetary policy more appropriate and flexible to better serve the real economy, Vice-Premier Liu He said in a letter addressed to the two-day 12th Lujiazui Forum, which opened in Shanghai on Thursday.

To better serve economic development, China's monetary policy should stress countercyclical adjustments, and the credit supply should be kept at an appropriate level while securing reasonable and sufficient liquidity in the market, Liu said. A beneficial balance can be thus sustained between finance and the real economy, he said.

Supply-side reform should be deepened to ensure higher-quality development. The monetary transmission mechanism should be improved to cater to the demands of various market entities. More credit should be provided to micro and small enterprises and manufacturing companies, he added.