China vows ‘more powerful’ policy supports after August industrial profits rebound
- Central bank meeting outlines plans for more targeted monetary policies to aid economic recovery
- Expanding domestic demand, boosting confidence and supporting real economy the focus amid signs of stabilisation
China’s central bank pledged on Wednesday to provide “more powerful” policy support for the real economy and maintain a “healthy” property market, as the rebound of the country’s industrial profits provided further signs of economic stabilisation.
“There will be a focus on expanding domestic demand, boosting confidence, speeding up a healthy economic cycle and providing more support to the real economy,” the central bank said in an online statement.
The central bank convened its third-quarter monetary policy meeting on Monday. Its statement came as China’s business environment and growth prospects have been questioned overseas.
The monetary authorities also highlighted plans, introduced in early September, to further support China’s faltering property market by implementing the government’s new policies on lowering mortgages.
The central bank said it would “push for the stable and healthy development” of a “new model for property sector development” by offering financial support for the building of basic infrastructure, urban villages and social housing.