China State Council, PBOC vow to boost growth and property market next year

Citing reports, Bloomberg noted on Thursday that China’s State Council, People’s Bank of China (PBoC) and the country’s top securities regulator jointly conducted a study during last week’s economic policy meeting, aiming to prioritize growth and boost the property market in 2023.

Key takeaways

“The readings from these meetings described a commitment to action aimed at bailing out the economy and putting it on the path to stability.”

“The government has been pushing for the implementation of previously announced stimulus measures, saying existing measures could be more effective.”

“Policy measures can still have an impact and if we do the job well now, it will help stabilize growth next year.”

“The economy is recovering and stabilizing, but the fundamentals are not solid yet.”

Market reaction

Amidst risk-on sentiment, encouraging headlines from China are keeping the buoyant tone intact around the Australian Dollar, allowing AUD/USD to consolidate its gains at around 0.6750. The pair is up 0.70% on the day.