China alters policy to sustain growth

China’s central bank has pledged to intensify its monetary policy fine-tuning in the second half of this year and improve credit policy to bolster the real economy, echoing earlier government commitments amid an economic slowdown.

Its comments, made yesterday, follow a meeting of China’s top policymakers last week which said Beijing would step up efforts to make policies more targeted, pre-emptive and effective to cope with decelerating growth.

“In the second half, we must continue to reinforce fine-tuning and pre-emptive adjustment in monetary policy and improve credit policy to support the development of the real economy,” the bank said in a statement on its website.