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Chinese Premier Li Keqiang speaks at a press conference at the Great Hall of the People in Beijing, capital of China, March 16, 2016. [Photo/China Daily by Feng Yongbin]

He said the authorities will also step up financial supervision through better coordination between departments to ward off risks presented by the many innovative financial products on the market and the interconnection of different financial sectors.

"We need to reform and improve our financial regulatory system, and we will strengthen coordination (among different regulatory bodies)," he said.

China has reduced interest rates and banks' reserve requirement ratio to increase liquidity and lower the costs of production to boost the economy after GDP grew by 6.9 percent last year, the slowest pace since 1990.

Li said these decisions were taken to lower the financing costs of enterprises, and were not monetary easing.

Liang Haiming, a senior economist at Pangoal, a think tank in Beijing, said: "China's monetary policy is generally adjusted flexibly in line with the development of the economy.

"Such flexibility can ensure ample capital for supporting the economy, increasing jobs and promoting people's well-being.

"Its monetary stance will not be ultra-loose."

China has set a GDP growth target of 6.5 to 7 percent for this year.

It plans to raise the deficit to GDP ratio to 3 percent this year, compared with 2.4 percent last year.

Wang Tao, chief China economist at UBS, said in a research report that the country is expected to increase investment in infrastructure, services and strategic new industries while pushing structural reforms, such as lowering restrictions on market entrance, to support stable growth this year.

Thanks to China's improving economic activity, investment and industrial production may rebound in the short term, she said.