China central bank to beef up support for economic recovery

TOKYO, Sept 27 (KUNA) -- China's central bank vowed to continuously support the real economy and strengthen policy adjustments on Wednesday, as the country's economic recovery is improving, despite still facing a harsher external environment.

"Currently, the external environment is becoming more complex and severe, with a slowdown in international economic trade and investment, still high inflation and interest rates in developed countries that are expected to remain elevated," the People's Bank of China said in a statement.
Meanwhile, as the world's second-biggest economy continues to recover and improve with increasing momentum, it still faces challenges such as insufficient demand, the statement said, following the third-quarter meeting of the central bank's monetary policy committee.
"We need to provide continuous support, ride the uptick in economic momentum, intensify the strength of macroeconomic policy adjustments and ensure a precise and effective implementation of prudent monetary policy," the statement said.
The central bank also said it will intensify the implementation of the monetary policy tools that have been introduced to ensure a reasonably ample level of liquidity while encouraging a rebound in price levels to maintain them within a reasonable range.
China's gross domestic product (GDP) expanded 6.3 percent in the second quarter compared with a year earlier, up from 4.5 percent in the first quarter of the year.(end) mk.rk.