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China vows to strengthen policy support after August profits rebound

EconomyChina Economy

China vows ‘more powerful’ policy supports after August industrial profits rebound

Central bank meeting outlines plans for more targeted monetary policies to aid economic recoveryExpanding domestic demand, boosting confidence and supporting real economy the focus amid signs of stabilisationChina's economic recoveryKinling Loin BeijingPublished: 1:00pm, 27 Sep, 2023Why you can trust SCMP

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.

The People’s Bank of China will “step up macro policy adjustments” and implement monetary policies in a more targeted and powerful manner to aid the recovering domestic economy, according to its third-quarter monetary policy implementation statement.

“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.

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