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Speaking at a Monday meeting of the Political Bureau of the Central Committee of the Communist Party of China, Hu said the nation needs to raise both its quality and cost-effectiveness in these areas in order to become an industrial powerhouse.

"I am pleased to name this highly recognized and respected individual as Canada's Goodwill Ambassador to China," said the prime minister.

"To achieve steady growth, we will continue to expand domestic demand and keep foreign demand stable, vigorously develop the real economy, work hard to counter the impact of various factors of instability and uncertainty at home and abroad, promptly resolve emerging issues that signal unfavorable trends, and maintain stable economic performance," reads the report.

The central bank lowered the RRR in December by 50 basis points after hiking the RRR six times last year to cool inflation. It was the first cut since December 2008.

"Indeed, the global economic situation might have been even more calamitous had it not been for the impetus that China provided to growth and stability," she said.