China will promote sustainable economic recovery by focusing on expanding domestic demand while avoiding financial risks, People’s Bank of China (Central Bank) Governor Pan Zongxing said in a report issued on Saturday.
Ban said in the report published on the bank’s website that the central bank will make its policy more “accurate and effective” while directing financial institutions to reduce real lending interest rates and reduce financial costs for companies and individuals.
Ban added in the report that efforts will be made to revitalize capital markets and enhance investor confidence. The report identified the authorities’ priorities in the short term and was submitted to the country’s parliament.
China’s economy grew faster than expected in the third quarter, and consumption and industrial activity in September also surprisingly increased, suggesting that a recent raft of policy measures is already helping to stimulate an unstable recovery.
