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SHANGHAI: China will promote a sustained economic recovery, focusing on expanding domestic demand, while fending off financial risks, People’s Bank of China Governor Pan Gongsheng said in a report published on Saturday.

The central bank will make its policy more “precise and forceful”, while guiding financial institutions to cut real lending rates and reducing financing costs for firms and individuals, Pan said in the report published on the bank’s website.

Efforts will be made to activate the capital markets and boost investor confidence, Pan said in the report that outlined the authorities’ near-term priorities and was delivered to the country’s parliament.

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Pan pledged to “implement macro policy adjustments in response to the changes in the economic situation, effectively strengthen financial supervision, focus on expanding domestic demand, boosting confidence and preventing risks, and promote a sustained recovery in the economy,” according to the report.

China’s economy grew at a faster-than-expected clip in the third quarter, while consumption and industrial activity in September also surprised on the upside, suggesting a recent flurry of policy measures is helping bolster a tentative recovery.

Pan also said in the report China would resolve the default risk of bonds of big real estate enterprises, preventing risk contagion in stock, bond and foreign exchange markets, and ensuring the stable operation of financial markets.

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Sumroo Oct 22, 2023 10:53am
Tough times ahead!
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