(Yicai) March 7 -- The heads of China’s top economic planning agency, its central bank, and securities regulator along with its finance and commerce ministers have held press conferences to elaborate on the country's economic roadmap for this year.

The 5 percent target for gross domestic product growth meets the requirements of China’s 14th five-year plan and basically matches the potential of its economic growth, Zheng Shanjie, chairman of the National Development and Reform Commission, said yesterday.

It is a “positive target that can be achieved through determination and hard work,” he added.

Zheng said China will continue to strengthen macroeconomic policies, bolster policy coordination in finance and taxation, currency, employment, industry, and regions, and make greater efforts to boost the real economy, promote consumption, hike investment, and stabilize foreign trade.

CNY3.9 trillion (USD542 billion) of local government special bonds and CNY1 trillion (USD139 billion) of ultra-long special treasury bonds will be issued this year, while CNY1 trillion of treasuries were sold at the end of last year, said Finance Minister Lan Foan. 

These are government expenditures that can raise effective social investment to leverage strengths and compensate for weaknesses in key fields, activate the driving force for economic development, and promote high-quality economic development, transformation, and upgrading, he said.

China will focus first on funding support for scientific and technological innovation, urban-rural integrated development, coordinated regional development, food and energy security, and high-quality population development, Zheng pointed out.

Commerce Minister Wang Wentao said that to underpin consumption China will promote the replacement of old consumer goods, such cars and home appliances, with new ones and expand service consumption.

The reserve requirement ratio, or the amount of cash banks must hold in reserve, averages 7 percent in China, leaving room for further reductions, according to Pan Gongsheng, governor of the People's Bank of China.

The central bank will set up technological innovation and transformation refinancing to support the development of the high-end manufacturing industry and the digital economy, continue to support and increase refinancing for carbon emissions reduction, and boost the size of refinancing for agriculture and small businesses, Pan added.

The China Securities Regulatory Commission will strengthen review measures to improve the quality of listed firms and tighten regulation to crack down on illegal activities, including fraud, market manipulation, and insider trading, according to Chairman Wu Qing.

Editor: Martin Kadiev