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"The small and medium banks must meet the eligibility criteria when accessing the re-lending quota. The loan risk sharing mechanism should be strengthened, including targeted cuts to the required reserve ratio for smaller banks," Li said.

Local governments were urged to adopt a targeted approach towards poverty relief, keep anti-poverty policies stable and improve rural weak links in a bid to complete the building of a moderately prosperous society in all respects as scheduled, said the meeting.

COMMUNITY WITH SHARED FUTURE

There are more difficulties in promoting social and economic development this year, the circular said, noting that the country faces mounting risks and challenges, as well as the impact brought by the COVID-19 epidemic.

BEIJING, March 3 (Xinhua) -- China will refine the coordination mechanisms for stable performance in six key areas, namely, stability in employment, finance, foreign trade, foreign investment, domestic investment, and market expectations, to promote both effective outbreak response and steady economic and social progress.