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BEIJING, March 5 (Xinhua) -- China will increase deficit-to-GDP ratio to 3 percent this year from 2.3 percent last year, and cut taxes across the board, Premier Li Keqiang said Saturday at the annual parliamentary session.
To enhance financial support to the real economy, the central bank in 2014 introduced a targeted RRR-cut mechanism for banks engaged in proportionate lending to agricultural and small firms, along with a string of requirements attached for banks to be eligible for the narrow-based cut.
"Chinese government will certainly stick to this position," Wang said, adding that more than 30 countries, including Australia, have also made similar "exclusive" declarations.
China has provided African countries with loans worth over 20 billion U.S. dollars since 2012 to support infrastructure, investment, small- and medium-sized enterprises, agriculture and manufacturing.
China has been actively breaking new diplomatic ground under the leadership of President Xi Jinping with new thoughts, policies and measures, Wang said.
