China cbank says downward pressure on economy is increasing

Downward pressure on the Chinese economy is increasing and potential risks and problems will be difficult to eliminate in the short term, China's central bank said on Monday.

The People's Bank of China, in its annual financial stability report, said China will continue to implement proactive fiscal policy and prudent monetary policy.

The country will also implement greater tax cuts and increase the issuance quota for local governments' special bonds used to fund infrastructure projects by a large margin, the report said, without providing further details.