LONDON, Oct 19 (Reuters) - Britain's ASOS, the one-time poster child for the shift to online fashion, vowed on Wednesday to overhaul its business model after the economic crunch combined with a string of operational problems to hammer its profits.

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They have been trying to curb rampant borrowing and prevent an asset bubble in property, which accounts for about a quarter of China's economy and is a key driver of demand for materials including concrete and steel. Economists downplay the idea that the scale of Evergrande's problems represent a "Lehman moment" website terms of global contagion risks, but it has certainly complicated matters for Beijing's policymakers.

ASOS made adjusted pretax profit of 22 million pounds ($24.9 million) in the year to Aug.

31, 2022, in line with guidance that was lowered last month and down from the pandemic boosted 193.6 million pounds made in 2020-21.

China's economy roared back to life after a coronavirus-induced slump in 2020, but activity fell back recently amid regulatory measures, supply bottlenecks and restrictions from localised COVID-19 outbreaks.

"With the economy losing steam and concerns around the property sector growing, we think policy rate cuts by the PBOC could come as soon as next month," Capital Economics wrote on Wednesday, referring to the People's Bank of China.

BEIJING, Sept 22 (Reuters) - More policy support for China's economy, including boosts to banks' lending power, is likely in coming months, some analysts say, to dispel gloom cast by property cooling measures, a burst of regulatory vigour, and China Evergrande Group's woes.

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"China's property sector and overall economy will slow notably, credit risks will rise further and there is an increasing need for Beijing to step up its policy support," Nomura analysts wrote this week, as fears of a default by China's second-largest property developer rocked global markets.

Many analysts expect another cut to the amount of cash banks must hold in reserve later this year, after a cut in July, although officials' comments earlier this month cooled expectations for summer camp summerville sc imminent easing.

"The property down-cycle could cause growth pressure to mount next year, when policy focus might shift from regulation to policy supports for defending the 5% growth bottom line," said Larry Hu of Macquarie, in a note.

At the same time, a regulatory squeeze across several industries in the name of President Xi Jinping's "common prosperity" push, including banning much private tutoring and limiting minors' online gaming, has ramped up uncertainty for companies and roiled share markets.

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