SHANGHAI, Oct 21 (Reuters) –
China will promote a sustained economic recovery, focusing on expanding domestic demand, while addressing financial risks, People’s Bank of China Governor Pan Gongsheng said in a report released Saturday.
The central bank will make its policy more “precise and forceful,” while guiding financial institutions to cut real lending rates and reduce financing costs for businesses and individuals, Pan said in the report. published on the bank’s website.
Efforts will be made to activate capital markets and boost investor confidence, Pan said, outlining the authorities’ short-term priorities and which was delivered to the country’s Parliament.
Pan pledged to “implement macro-policy adjustments in response to changes in the economic situation, effectively strengthen financial supervision, focus on expanding domestic demand, boost confidence and prevent risks, and promote sustained recovery of the economy.” “, according to the text.
China’s economy grew at a faster-than-expected pace in the third quarter, while consumption and industrial activity also surprised on the upside in September, suggesting that the recent wave of policy measures is helping to underpin a timid recovery.
Pan also said in the report that China would resolve the risk of bond defaults of large real estate companies, preventing risk contagion in stock, bond and currency markets, and ensuring the stable functioning of financial markets. (Reporting by Casey Hall; Editing by David Holmes)
Source: Ambito
