China's Revitalization Plan: Economic Measures Unveiled

The People's Bank of China announced measures, including cuts to bank reserve requirements and mortgage rates, to revive the economy and address the property sector downturn. The central bank also plans policies to stabilize the stock market.

The Chinese central bank announced Tuesday a slew of measures aimed at reviving the sluggish economy by tackling a downturn in the property sector.

People's Bank of China Governor Pan Gongsheng stated that the reserve requirement for banks would be reduced by 0.5 percentage points. He mentioned that the central bank would continue with further cuts.

The institution plans new policies to support the stable development of the stock market, Pan told reporters.

Additionally, down payment requirements for buyers of second homes will be reduced to 15 percent from 25 percent, and mortgage rates will be lowered.

The latest measures to support the economy focus primarily on resolving the housing market crisis, which ensued after authorities' crackdown on developers' excessive borrowing led to widespread debt defaults.

(With inputs from agencies.)