China to shift monetary policy to spur growth: report

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China to shift monetary policy to spur growth: report

China will adopt an “appropriately loose” monetary policy as part of steps to support economic growth, state media says – the first such shift towards loosening in more than a decade.

China will implement a more proactive fiscal policy in 2025 and step up “unconventional” counter-cyclical adjustments, Xinhua reported, citing the Politburo.

China must also “vigorously” boost consumption and expand domestic demand “in all directions”, Xinhua said.

The remarks came from an official readout of a meeting of top ********** Party officials, the Politburo, and before this week’s annual Central Economic Work Conference to set key targets and policy intentions for 2025.

Authorities must adhere to “the principle of pursuing progress while maintaining stability” in 2025, leveraging progress to ensure stability and drive innovation, Xinhua said.

“A more proactive fiscal policy and an appropriately loose monetary policy should be implemented, enhancing and refining the policy toolkit, strengthening extraordinary counter-cyclical adjustments,” it said.

The new wording for the monetary policy marks the first easing of the stance since late 2010, according to official announcements on the Politburo meetings.

The central bank has outlined five policy stances – “loose”, “appropriately loose”, “prudent”, “appropriately tight” and “tight” – with flexibility on either side of each.

China adopted an “appropriately loose” monetary policy after the 2008 global financial crisis, before switching to “prudent” in late 2010.

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