China will continue to roll out more policies to expand effective demand and strengthen the driving force for economic recovery and growth, according to the decisions made at the State Council's executive meeting chaired by Premier Li Keqiang on Thursday.

The meeting noted that China's economy is at a crucial stage of stabilization and recovery and that the third quarter is of vital importance. It is essential to efficiently coordinate COVID-19 response with economic and social development, and further deliver the policy package for stabilizing the economy.

The meeting called for greater efforts to consolidate the foundation of economic recovery, stabilize overall economic performance and keep major economic indicators within a proper range, giving priority to job security and price stability.

There is still ample room for bringing out the effects of the policy-backed and development-oriented financial instruments and special-purpose bonds. These measures will help draw a large amount of private investment and should be executed in accordance with market principles.

Effective investment must be fully utilized to strengthen weak links, facilitate structural adjustments, spur consumption and create jobs, so as to leverage its key role in economic recovery and growth.

The meeting decided to establish a coordination mechanism to promote major investment projects. To ensure consistency and efficiency, competent departments will conduct a joint review of the projects before final approval.

The approved projects should deliver both immediate and long-term benefits, help underpin the economic and social development, conform to the 14th Five-Year Plan and other plans, generate economic returns and the operations should start as soon as possible.

The quotas on land use and energy consumption for major projects will be set separately in accordance with related regulations. The development of competitive industries will still be guided by market rules.

The meeting urged expediting the use of special-purpose bonds and guiding commercial banks toward supportive financing. The newly-added credit line from policy banks should be delivered in a timely manner.

Governments at all levels should make sure that the projects are implemented at a faster pace and meet quality requirements. They will make sure that operations at construction sites will not suspend and related industrial and supply chains stay uninterrupted, in an effort to generate more physical gains in the third quarter. More job opportunities will be provided for migrant workers through public works programs wherever possible.

Inter-agency working groups will be sent in due time to supervise and facilitate project delivery. Management and audit will be strengthened to ensure project quality and forestall corruption.

The meeting noted that consumption is closely related to people's lives and should still serve as a major engine for growth.

Financial institutions will be encouraged to offer more flexible arrangements for the personal consumer loans affected by COVID-19. City-specific policies will be adopted to promote steady and sound development of the real estate sector. People's basic housing needs will be met and their wish to improve housing conditions will be supported as appropriate.

Specific measures will be introduced for the sound and well-regulated development of the platform economy. Platform companies will be advised to carry out inclusive financial services legally.

The role of the platform economy in creating jobs and spurring consumption should be given full play. Financial support for import and export sectors will be increased, and services such as exchange rate hedging will be offered to enterprises in an active manner.