China rules out introduction of strong stimulus

Xu Shaoshi, head of China's National Development and Reform Commission, gives a press conference for the third session of China's 12th National People's Congress (NPC) on the economic situation and macro-economic control in Beijing, capital of China, March 5, 2015. The third session of China's 12th NPC opened in Beijing on March 5. (Xinhua/Li Xin)

China's top economic planner said Thursday that China will not introduce strong stimulus measures to prop economy.[Special coverage]

Xu Shaoshi, minister in charge of the National Development and Reform Commission, made the comments hours after Chinese Premier Li Keqiang announced to lower China's economic growth target to around 7 percent in 2015.

Xu, however, underlined importance of investment, which he believes continues playing a key role in promoting Chinese economy.

"We need to encourage multi-pronged investment and increase investment efficiency," he said at a press conference.

The senior official said that more investment will be made to increase the supply of public products and services, ranging from information technology and electricity to railway and water conservancy projects, in the world's second largest economy that is still lagging behind industrialized countries in infrastructure construction.

Premier Li, in his government work report to the annual session of the national legislature, said China will invest more than 800 billion yuan (130 billion U.S. dollars) in railway construction and another 800 billion yuan in major water conservancy projects in 2015.

Xu promised to ease the investment and financing regulation and make the Chinese market more accessible to domestic and overseas private investors.