Beijing To Ensure Stable Economy This Year: Cabinet

The central government will ensure stable economic operations this year, and keep economic growth, employment and prices within reasonable ranges, state media quoted the cabinet as saying on Monday.

The economy faces new downward pressures and difficulties and increasing challenges, the cabinet was quoted as saying after a regular meeting.

According to reports, the cabinet said China will "strengthen cyclical adjustments and put stabilising growth in a more prominent position, [and] deepen reforms and opening up to strive to achieve the full-year targets and tasks".

The mainland is targeting slower economic growth of around 5.5 percent this year as a property downturn and lacklustre consumption cloud the outlook for the world's second-largest economy.

Beijing will enhance the availability of financing for small firms and lower financing costs, the cabinet said. In addition, it will closely monitor any changes in the international situation and commodity prices in terms of their possible impacts on China's economy, and take steps to cope with these.

The government will quicken the pace of tax refunds to help firms, the cabinet added. China has pledged to deliver tax cuts and tax rebates totalling around 2.5 trillion yuan this year. (Reuters)