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STORY: China’s central bank on Tuesday unveiled a raft of measures meant to help revive the country's economy.

Governor Pan Gongsheng set out the moves at a Beijing news conference.

He said the bank would lower its benchmark interest rate by 0.2 percentage points to 1.5%.

There will also be a cut in the amount of cash that banks have to set aside as reserves, which should free up money for more lending.

Additional measures include steps to boost the property market, such as a reduction in average interest rates for existing mortgages.

The package was broader than expected, but analysts noted a lack of any steps to boost real economic activity.

Some said the government would need to do fiscal stimulus in parallel, if it’s to hit this year’s target of roughly 5% growth.

Tuesday’s move comes as China’s economic recovery continues to prove uncertain.

The ailing property market is among the big drags, with the sector in severe downturn after peaking in 2021.

A string of developers have since defaulted, leaving huge numbers of uncompleted or unwanted homes.

Beijing has cut mortgage rates and taken other steps in a bid to revive demand, but to no avail.

Data out in August showed home prices falling at their fastest pace in nine years.

That’s a huge weight on consumer confidence, since some 70% of household savings are parked in real estate.