China has strengthened macro regulation and control and promoted steady economic recovery and growth, according to a government work report submitted on Tuesday to the national legislature for deliberation.

Chinese Premier Li Qiang delivered the report at the opening meeting of the second session of the 14th National People's Congress in the Great Hall of the People in Beijing. 

Monetary policies were implemented in a targeted and effective way, the report said, adding that there was a significant increase in loans issued to support scientific and technological innovation, advanced manufacturing, micro and small businesses, and green development initiatives.

Focusing on high-quality development, China expanded domestic demand, optimized structure and prevented and defused risks, initiating a number of new policies in a timely manner, it said.

Fiscal policies have been stepped up to improve efficiency while expenditures in key areas have been increased, the report said, adding that an additional 1 trillion yuan (about 140.7 billion) of government bonds were issued to support post-disaster recovery and reconstruction as well as disaster prevention and mitigation capabilities.

China has formulated and implemented a set of plans to resolve local debts and handled financial risks in categories, thus maintaining the bottom line of no systemic financial risk, it said.