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China has projected deficit-to-GDP ratio at more than 3.6 percent this year in its Government Work Report, as an indication of its proactive fiscal policy. It will also look to increase government spending to offset the downside economic pressure. Cutting taxes and fees will help ease the operational difficulties of businesses, while the central government's payment transfers to the local authorities will guarantee the management of primary-level governments, the minister said.

China is striving to gain a lead in the global race toward building an intelligent and data-driven society, as the country has the highest number of smart city pilot projects in the world.

China has taken a series of supportive measures, such as tax cuts and fee reductions, to boost the corporate sector. In February, the sub-index of PMI for large-scale enterprises was 51.5, up from 51.3 in January, but that for the small and medium-sized enterprises was 46.9 and 45.3 respectively, both below the 50 mark.

China implemented a number of medical reforms last year, including the introduction of a zero-tariff policy on imported anti-cancer medicines in April, and a 1 percentage point reduction in the VAT rate for the pharmaceutical sector in May.

China is not going to have a large-scale consumer price inflation though the novel coronavirus outbreak will lead to higher CPI pressure in the short term, a central bank official said on Saturday. [Photo/China News Service]