China is set to implement a refined monetary policy to promote stability in credit expansion and reduce real lending interest rates, according to a State Council report. Pan Gongsheng, governor of the People's Bank of China, emphasised reducing enterprises’ financing costs and backing financial services for private companies, tech-based firms, and advanced industries. Pan committed to addressing financial risks and outlined plans for resolving local government financial vehicle (LGFV) debt risks. Analysts, including Zhang Jun from China Galaxy Securities, believe this shows the country's reluctance to taper monetary support despite positive Q3 economic data. Zhang also highlighted the potential for an interest rate reduction by 2024. The report showcases the PBOC's intent to solidify China's economic recovery.