Focus may shift toward fiscal side

While China's inflation level is not putting the brakes on the central bank's more relaxed monetary stance, financial authorities may tend to rely more on the fiscal side to help ease economic downward pressure in the future, according to analysts and experts.

Inflation data from the National Bureau of Statistics released earlier this month indicated little pressure ahead for China to pump more money to support the economy, as the consumer price index in October rose 2.5 percent, well below the government's target ceiling of 3 percent for 2018, and the producer price index climbed 3.3 percent in October from a year earlier amid sluggish demand.

Nevertheless, "the space on the monetary side is limited as we need to stick to our efforts to contain the leveraging ratio, while the room for fiscal action is larger - more tax cuts, especially in value-added tax, and a reduction in social security contributions can soothe economic concerns," said Ma Jun, an advisor to the People's Bank of China, in an interview with China Daily, adding to signs that the financial regulators do not intend to change course from current deleveraging moves.