PBOC to Boost Financing Support for Tech, Consumption Growth

China’s central bank pledged to strengthen financial support to key areas including tech and consumption, as it moves further away from its previous playbook of funneling loans to traditional industries such as real estate and infrastructure.

The country’s credit structure has undergone profound changes over the past decade, with the key driver for new loan growth shifting away from asset-heavy industries to the so-called five key priority sectors, the People’s Bank of China said in its quarterly monetary policy report published Friday.