Premier Li Keqiang announced Wednesday that China will be starting big investment programs this 2014 that focus on environmental protection, information networks and water conservation.
In an assembly with his cabinet officials, Li discussed that policies involving fiscal and monetary concerns should be given flexibility, and targeted adjustments should be done when necessary in order to support the nation's economy.
The government of China has already made multiple efforts in order to secure a 7.5-percent economic growth before the year ends. One such measure is downsizing deposit amounts that several banks have to keep as reserves in order to promote lending.
Just a few days ago, Chinese lawmakers made a brazen step to help boost and support the economy. They lowered mortgage rates and downpayments for home buyers for the very first time. The last time the policymakers resorted to such decision was during the 2008 global financial crisis.
In another assembly with his cabinet, Li said that China is nullifying approvals by bureaucrats for 15 investment areas. Fertilizers, water supplies and roads are among the areas mentioned.
With the measures done so far, China has cut 40 percent of government red tape approvals, which is a significant improvement from last year.
In light of the upcoming investments of China, Li said: "We should be confident in the fundamentals of China's long-term growth and take into full consideration difficulties and challenges."
