China will implement its prudent monetary policy in a targeted and efficient manner

China will implement its prudent monetary policy in a targeted and efficient manner, and will ramp up financial support to domestic supply and demand, in a bid to shore up economic recovery in 2023, the country's central bank said Wednesday.

On top of maintaining sufficient liquidity through a combination of multiple policy tools, the People's Bank of China said it will work to reduce financing costs for market entities and help expand consumption, according to a statement released after a work meeting for the coming year.

It will follow through with financial measures rolled out last November to facilitate the stable and healthy development of the real-estate market.