China Central Bank Sharpens Focus on Economy’s Short-Term Woes

China’s central bank vowed to get more out of its existing pro-growth policies, acknowledging that the economy is suffering from subdued demand and downbeat sentiment despite some signs of improvement this year.

The Chinese economy “is still facing challenges such as insufficient effective demand and relatively weak social expectations,” the People’s Bank of China said in a statement following a quarterly meeting of its monetary policy committee.