China has rolled out multiple measures to shore up the domestic economy, including tariff cuts and helping private businesses realize their potential. CGTN's Jin Yingqiao has the details.

China has slashed tariffs multiple times over the past few years, as it bids to boost imports and further open its market.

In June 2015, wool, shoes and skin-care products were among 14 items to see tariff reductions. The cuts continued, but it wasn't until this year that we saw them on such a huge scale with as many as 3,000 foreign products being added.

Now China's overall tariff rate is about 7.5 percent, one of the lowest in the developing world. But cheaper imported products aside, you also need buying power.

When China's private sector occupies about 60 percent of the economy, and provides about 80 percent of the jobs, ensuring its competitiveness is essential. On Tuesday China's central bank governor pledged an array of policies to help these businesses.

YI GANG, GOVERNOR PEOPLE'S BANK OF CHINA "We adopted a policy mix called 'three arrows'. The first arrow is to issue more loans for the private sector. The PBOC will support medium- and small-sized banks that have no capital to issue loans to their clients through re-lending and re-discounting. The second arrow is that we come out with detailed policies for bond issuance by private companies. The third one is that we support the private enterprises' practice of equity financing."

Yi stressed that financing difficulties for private companies -- small and medium-sized enterprises in particular -- have become an entrenched problem across the world, but, he said, China would find measures to fix what he called a 'market failure'.

YI GANG, GOVERNOR PEOPLE'S BANK OF CHINA "We should implement it and dare to shoulder it. As President Xi said, the deployment occupies 10 percent and 90 percent is implementation. I think we can make efforts in accordance with this proportion. We should implement it at every level, from the financial supervision and management departments to other small and medium-sized financial institutions."

Jin Yingqiao, CGTN.