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"We need to increase communication and coordination, and work together to secure the stability of the international financial market," said the premier.

At the same time, the project will provide huge orders for the country’s industry and boost its economic growth, the ministry said.

Per capita disposable income in the country increased 7.4 percent in 2015, and thickening wallets will enable the Chinese to consume even more, as is encouraged by the government.

"In a word, we will press ahead with cutting overcapacity while avoiding massive job losses," Li said, adding that central and local governments have the resources to help the laid-off employees.

Chinese Vice Premier Liu Yandong told the meeting that publicity and culture departments should better serve the country's efforts of stabilizing growth, industrial restructuring, promoting reform, benefiting the public and preventing risks.