The downward pressure on China's economy is increasing, according to the People's Bank Of China (PBOC) in its annual financial stability report. The central bank said that it would be challenging to erase potential economic risks and problems in the short term.
PBOC added that China would maintain the implementation of prudent monetary policy and proactive fiscal policy. According to the report, China aims to provide more significant tax cuts. The country will also boost the issuance quota for provincial governments' special bonds to fund infrastructure projects.
