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China will extend 1,000Mb broadband connections to more than 300 cities and cut average service rates by 15 percent for small and midsized enterprises this year, under a decision released on Wednesday following a State Council executive meeting chaired by Premier Li Keqiang on Tuesday.

China will ensure the creation of more than 11 million urban jobs this year and administer the employment-first policy as part of macroeconomic policy on the same level as fiscal and monetary policy for the first time, Premier Li Keqiang said on Friday in Beijing.

China's banks are expected to increase lending and lower borrowing costs this year, especially for small and private firms vital for growth and job creation.

China's GDP expanded 6.9 percent year on year in the first three quarters, holding steady with the 6.9 percent growth in the first half despite a slightly slower 6.8 percent increase in the third quarter.

China's central bank announced a cut in some financial institutions' reserved cash amount by 1 percentage point from April 25 to support small and micro enterprises and stabilize liquidity in the banking system, according to a statement on its website released on Tuesday.