The People's Bank of China reported that its joint working group with the Ministry of Finance held its fourth heads' meeting, where the two sides reviewed the results of their coordination so far and discussed support for stable financial market operations, ways to improve fiscal-financial coordination, and development of the offshore renminbi government bond market. The meeting concluded that closer coordination between fiscal and monetary policy should improve the forward-looking, targeted and effective use of macro policy and strengthen support for the real economy. The joint working group will continue to act as a coordination mechanism for implementing a more proactive fiscal policy and a moderately loose monetary policy in line with the overall requirements and policy stance for 2026 economic work.
Central Bank of the Republic of China2026-05-22
People's Bank of China and Ministry of Finance reaffirm fiscal and monetary policy coordination at fourth joint meeting
The People's Bank of China and the Ministry of Finance held the fourth heads' meeting of their joint working group to review coordination outcomes and discuss support for stable financial markets, enhanced fiscal-financial coordination, and development of the offshore renminbi government bond market. The meeting agreed that closer fiscal and monetary policy coordination should improve the forward-looking, targeted and effective use of macro policy to support the real economy, with the joint working group continuing as the mechanism for implementing more proactive fiscal and moderately loose monetary policies in 2026.