Premier Li Keqiang pledged to improve housing conditions for the underprivileged and promote urbanization by accelerating shantytown reforms.

The overall condition of the Chinese economy has been stable since the start of this year and the government is determined to carry out measures that can ensure steady growth, restructure the economy and promise immediate as well as long-term benefits, according to a statement published after an executive meeting of the State Council presided over by Li on Wednesday.

"Reforming shantytowns is not only an important public welfare project, but also a significant development drive," the statement said.