SHANGHAI (Reuters) – China will promote a sustainable economic recovery, focusing on domestic demand while avoiding financial risks, Bank of China Governor Pan Gongsheng said in a report released on Saturday.
China’s central bank will refine its policy to make it more “precise and forceful” while guiding financial institutions to lower real interest rates and reduce financing costs for businesses and individuals, Pan Gongsheng said in the report published on the Bank of China website.
Efforts will be made to activate capital markets and strengthen investor confidence, he added.
China’s economy grew stronger than expected in the third quarter while consumption and industrial activity in September were also up, suggesting that a recent wave of policy measures has paid off.
A range of recent stimulus measures have allowed the world’s second-largest economy to stabilize, but the prolonged crisis in the real estate sector, fears over employment and deterioration in private business confidence are among the risks weighing on this positive dynamic.
(Casey Hall; French version Zhifan Liu)
Copyright © 2023 Thomson Reuters