A Chinese envoy on Friday called on the related countries to immediately and unconditionally unfreeze and fully return the overseas assets of Afghanistan so as to support the country's efforts to enhance its people's wellbeing.
Geng Shuang, China's deputy permanent representative to United Nations, made the call at a UN Security Council meeting where Resolution 2763 (2024) was unanimously adopted, which extends for 14 months the mandate of the team monitoring sanctions against the Taliban and associated individuals and entities that threaten Afghanistan's peace, stability and security.
In the resolution, the Security Council decided that the Analytical Support and Sanctions Monitoring Team will continue to support the Security Council Committee established pursuant to Resolution 1988 (2011), a subsidiary body in charge of overseeing the implementation of sanctions regime on the Taliban.
China hopes the monitoring team will actively perform its duties in accordance with its mandate under the resolution and strongly support the Security Council Committee's work, and China supports the monitoring team to increase engagements with the Afghan interim government and looks forward to an early visit by the team to the country, Geng said.
"The resolution reaffirms the need to help Afghanistan meet its economic and humanitarian challenges, restore its banking and financial system, and utilize the assets of the Afghan central bank for the benefit of the Afghan people. China urges the countries concerned to immediately and unconditionally unfreeze and return in full Afghanistan's overseas assets, stop imposing illegal unilateral sanctions against Afghanistan, and support Afghanistan's efforts to improve its people's livelihood," he said.
The Chinese diplomat stressed that the resolution affirmed the necessity of reviewing the 1988 sanctions regime and the Security Council's sanctions should help promote peace and stability of Afghanistan.
Noting that the Afghan Taliban has been in power for more than three years, the situations in Afghanistan is generally stable and the rest of the world is increasing engagements with the authorities, Geng called on timely changes to the sanction regime in accordance with the development of the situation.
As a first step, the Security Council should put back into place exemptions to the travel ban for persons associated with the Afghan interim government so as to create conditions for the international community to strengthen engagement and communication with the country, the envoy said.
Geng pointed out as the resolution also reiterated that the territory of Afghanistan should not be used for supporting terrorism or for threatening the security of other countries, China urges the Afghan authorities to implement the requests of the resolution and strengthen the counter-terrorism efforts.
China urges unfreezing, returning Afghanistan's overseas assets
China's decision to shift next year's monetary policy stance from "prudent" to "moderately loose" signals a firm commitment to proactive macroeconomic policies aimed at accelerating economic growth, according to a senior official at the People's Bank of China (PBOC).
The country's annual Central Economic Work Conference was held in Beijing from Wednesday to Thursday, with Chinese leaders deciding priorities for economic work in 2025. During the tone-setting meeting, it was stressed that a moderately loose monetary policy should be implemented, with reductions in the reserve requirement ratio and interest rates at an appropriate timing to ensure ample liquidity.
Zou Lan, head of the PBOC's Monetary Policy Department, said that the central bank will continue to implement a comprehensive set of measures to ensure robust policy support for stabilizing economic growth. A more moderate policy is expected to bolster investor confidence and consumer willingness to spend.
"The central government's decision to adopt a 'moderately loose' monetary policy carries significant signaling value, reinforcing policy continuity and effectiveness. This shift is conducive to increasing investor confidence, enhancing consumer willingness to spend, and further stimulating the initiative and dynamism of economic entities, thereby promoting a virtuous cycle in the real economy," Zou said.
The decision comes against a backdrop of mounting external uncertainties and persistent domestic economic challenges. According to Zou, the adoption of a moderately loose stance underscores the central bank's resolve to enhance its ability to respond to such headwinds.
"The PBOC will effectively implement a moderate loose monetary policy, timely adjusting reserve requirements and interest rates to maintain ample liquidity. We will ensure that the growth of aggregate financing and money supply aligns with our economic growth and inflation targets. On pricing, we will keep pushing forward; on aggregate levels, we will continue to exert force; and structurally, we will focus our efforts to enhance the transmission mechanism of monetary policy, prevent capital mis-allocation, and strike a balance between supporting the real economy and maintaining the stability of the banking system, thereby promoting a sustained recovery in the economy," he said.
According to Zou, the monetary policy will remain closely coordinated with other macroeconomic measures to enhance overall policy effectiveness. Looking ahead, the central bank plans to lower the overall cost of financing for businesses and households, providing a favorable interest rate environment to stimulate consumption and investment. These moves are anticipated to stabilize competition in deposit and loan markets and enhance banks' ability to price autonomously and rationally.
"The PBOC will flexibly utilize various monetary policy tools, including reserve requirements, open market operations, and re-lending, to ensure ample liquidity in the banking system. It will guide banks to tap into effective credit demand and further activate existing assets to promote stable monetary credit operations. Structural monetary policy tools will also be leveraged to provide targeted incentives, focusing on developing science and technology finance, green finance, inclusive finance, old-age finance and digital finance. These efforts aim to more effectively meet reasonable financing needs for consumption, thereby fostering the stable and healthy development of both the real estate market and capital markets," Zou said.
In addition to domestic monetary measures, the PBOC plans to deepen reforms in exchange rate marketization and strengthen expectations management to cushion external shocks, so as to guard against the risks of excessive exchange rate fluctuations while maintaining the renminbi's stability at a reasonable and balanced level. Moreover, the central bank is committed to improving overall policy efficiency, Zou said.
"We will coordinate macroeconomic policies to deliver a powerful policy combination. This includes creating a favorable liquidity environment for government bond issuance, increasing government bond market operations, and enhancing the impact of a more active fiscal policy. Together, these measures will support economic growth and structural adjustments," he added.
Moderately loose monetary policy reflects China's resolve to boost growth: central bank official
