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China will use multiple avenues to increase the supply of quality products and services and act faster to resolve problems and difficulties blocking the entry of private investment, according to the Government Work Report.
China will need to step up policy support to address some of the uneven patterns behind the strong rebound, economists said. For example, household consumption remained subdued as national retail sales declined 1.8 percent year-on-year in June, and the recovery of the services sector has fallen behind the country's industrial production and construction growth.
China's central bank announced a targeted reserve requirement ratio cut at the end of September to encourage inclusive financing at commercial banks, such as credit support for small- and micro-sized enterprises, startups and agricultural production.
China will cut value-added tax rates as part of a tax reduction package amounting to 400 billion yuan (.58 billion) this year, according to a decision made at a State Council executive meeting on March 28.
China's around 500 steel companies produced 808 million tons of crude steel last year, but the output of the 10 largest steel groups accounted for only 35.9 percent of the total, showing a low industrial concentration.