"The most pressing task now is to alleviate the burden for smaller businesses against the current backdrop of global changing dynamics and uncertainties. Most of China's private businesses are small and micro ones. They tend to be much more vulnerable in the face of risks and uncertainties, and their difficulties will translate into weaker market demand, posing challenges to the overall economy," Yang said.

"The previous measures in support of manufacturing and the new tax breaks and refunds will therefore help them to stay on top of these difficult times. These policies, at the same time, will also help anchor market expectations of businesses of all sizes."