FILE PHOTO: Headquarters of the People’s Bank of China (PBOC), the central bank, is pictured in Beijing, China September 28, 2018. REUTERS/Jason Lee/File Photo
November 25, 2019
BEIJING (Reuters) – Downward pressure on the Chinese economy is increasing and potential risks and problems will be difficult to eliminate in the short term, China’s central bank said on Monday.
The People’s Bank of China, in its annual financial stability report, said China will continue to implement proactive fiscal policy and prudent monetary policy.
The country will also implement greater tax cuts and increase the issuance quota for local governments’ special bonds used to fund infrastructure projects by a large margin, the report said, without providing further details.
(Reporting by Stella Qiu, Huizhong Wu and Cheng Leng; writing by Se Young Lee; Editing by Toby Chopra)
