In a report released on Saturday, People’s Bank of China Governor Pan Gongsheng said the Chinese government plans to promote a sustained economic recovery by investing in measures to increase domestic demand, while fending off financial risks.

He noted the central bank will seek to be more “precise and forceful” in its policies, while encouraging the reduction of real lending rates by financial institutions, and reducing the cost of financing for firms and individuals, in a report the bank placed on its website.

It is the first time the markets have heard from the governor of the central bank on issues of policy since the publication of third quarter economic data. The report details the near-term priorities of authorities, and was officially delivered to the parliament.

Pan said the central bank would also take measures to activate capital markets, and increase investor confidence.

He also said the bank would, “implement macro policy adjustments in response to the changes in the economic situation, effectively strengthen financial supervision, focus on expanding domestic demand, boosting confidence and preventing risks, and promote a sustained recovery in the economy.”

In the third quarter, the Chinese economy grew at a faster than expected rate, as consumption and industrial activity also beat expectations for September, indicating that the recent raft of policy measures was having a beneficial effect on the recovery.

Pan went on to pledge that the country would maintain the stability of the yuan, forestall any abnormal fluctuations in cross-border fund flows, and maintain the stability in the foreign exchange market.

He added the government would continue to advance its yuan internationalisation plans, create a risk warning and control system for investments overseas, and protect the country’s foreign currency assets.

He said the nation would also help the financial sector to resolve risks from local government debts, including the risks which arise from local government financing vehicles, as well as resolve the default risks of the bonds of large real estate markets. Finally he pledged the nation would ensure the stability of the operations of the financial markets.