In this way, fundamental guarantee is provided for continuously vitalizing market entities and enhancing economic resilience. The COVID-19 pandemic broke out in early 2020 and has lasted till now. And China’s success in responding to it is sufficient to demonstrate that our socialist market economic system is more resilient than any other economic systems in the world.
In terms of financial policies, the People’s Bank of China (PBC) launched monetary and credit policies in the amount of RMB300 billion, RMB500 billion and RMB1 trillion respectively last year to support market entities and rolled out another RMB300 billion worth of central bank lending in September this year, which were earmarked for the support of micro, small and medium-sized enterprises (MSMEs).