SHANGHAI/BEIJING: 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 (Oct 21).
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.
The report is significant because it is the first time the governor has commented on policy after the publication of third-quarter economic data. It outlines the authorities’ near-term priorities and was delivered to the country’s parliament.