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The ministry will urge relevant departments to formulate detailed rules to implement the policies as soon as possible, and ask local governments to introduce SMEs-boosting policies based on their specific conditions, according to Miao.

Retail sales, a gauge of consumption, declined by 3.9 percent year on year in Q2, shrinking by 15.1 percentage points from the first quarter's decrease.

Noting that flood control work in the Yangtze River basin is in a grave state, Wang urged efforts to closely monitor the weather and flood conditions, and improve emergency responses to safely navigate the flood season.

The country will give better play to the role of government investments in driving social capital into new infrastructure, fresh urbanization initiatives and major projects, he said.

CEA President Cheng Jun noted that a survey conducted among their members showed that about 70 percent of the respondents are confident about Singapore's economic recovery after the end of COVID-19 outbreak. He also expressed belief that the China-Singapore ties will be consolidated in this battle, and the bilateral collaboration will be broadened later on.