World News

China says will not use property as short-term stimulus to jumpstart economy

BEIJING (Reuters) – China’s central bank said on Wednesday that the property sector will not be used as a means of short-term stimulus to jumpstart the economy, adding that financing policies for the sector will be consistent and stable.

A prudent monetary policy will be more flexible while liquidity will be kept reasonably ample, the People’s Bank of China (PBOC) said in a statement summarizing remarks from a meeting on Tuesday with the finance ministry and the banking and insurance regulator.

Funding support to medium-sized and small firms would be stepped up and financing costs would be lowered, the PBOC said.

(Reporting by Beijing Monitoring Desk; Editing by Himani Sarkar)