PBOC to keep its supportive monetary policy

The People's Bank of China, the country's central bank, will continue to adhere to a supportive monetary policy stance and make more use of interest rate and other price-based policy tools, according to PBOC Governor Pan Gongsheng.

Pan told Xinhua News Agency that the PBOC will intensify counter-cyclical and cross-cyclical adjustments to help consolidate the country's economic recovery trend.

He said in a separate interview with China Central Television that the central bank will accelerate the implementation of financial policies that have already been introduced and further plan new incremental policies.

China's financial system is sound overall, as the number of local government financing vehicles and the scale of their debt balances are both on the decline. The overall cost burden of local government debt has also significantly decreased, Pan said.