The central bank will make RMB 200 billion ($27.6 billion) in special loans to ensure the delivery of stalled housing projects, the report said.

China's central bank will reportedly step up credit support for the real economy while keeping the renminbi steady, Governor Yi Gang said, reaffirming the bank's existing policy objectives.

"We will keep liquidity reasonably ample, increase credit support to the real economy," Yi was quoted by a central bank statement as saying during a parliament session on Friday. His comments were reported by Reuters on 30 October. 

"Going forward, China has the conditions to maintain a normal monetary policy as long as possible and maintain the stability of the currency's value,” he said.

While there has been some recovery in growth, the country remains pressured by Beijing’s stringent zero-Covid policy, concerns about its debt-laden real estate sector, and the government’s crackdown last year on certain sectors, including technology. 

The central bank will keep the currency basically stable while enhancing its flexibility, Yi said.

The central bank will make RMB 200 billion ($27.6 billion) in special loans to ensure the delivery of stalled housing projects, Yi said. 

As reported last weekend, latest figures showed that the Chinese economy chalked up growth of just 3 per cent for the first nine months of 2022, and it is likely that it will miss its full-year target of 5.5 per cent.

Chinese leader Xi Jinping was re-installed to his post for an unprecedented third term, consolidating his power over the ruling Communist Party. A question is whether China can prosper in the medium term under an increasingly restrictive Communist form of rule, or whether it has to adjust. (See some reactions here.)