PBOC adviser signals stronger macro support to stabilise growth

A senior policy adviser indicated China will adopt more supportive fiscal and monetary steps to counter soft confidence and uneven demand. While high-frequency indicators such as exports have held up, sentiment-based gauges remain weak, prompting calls to leverage the central government’s relatively low debt to repair balance sheets across households, firms, financial institutions and local authorities. Markets read the remarks as guidance for targeted measures rather than a large-scale stimulus, with attention on credit conditions, local-government financing vehicles and the pace of project approvals into year-end.