"The current external environment is more severe and complicated and the country's economic development faces growing downward pressure," Liu admits.

Liu said China is confident and determined to implement stabilizing policies, strengthen innovation, inject market vitality and promote sound and stable economic development.

"As the Chinese economy faces new risks and increasing downward pressure, the country should focus on long-term trends and key issues so as to turn crises into opportunities," read a statement released after a meeting held by the Political Bureau of the Communist Party of China Central Committee at the end of the July.

China will continue to implement proactive fiscal policy and prudent monetary policy. Policies of cutting taxes and fees should be further implemented, according to the meeting.

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