China announced a slew of pro-growth measures on Wednesday in what economists described as a targeted stimulus program, after a run of disappointing economic indicators raised concerns that economic growth in the first quarter might slip below the official target.

At a State Council executive meeting presided over by Premier Li Keqiang, three major initiatives were announced, including tax breaks for small and micro enterprises, greater support for the redevelopment of run-down urban areas and more investment in railways.

The measures came after a series of data points indicated weakened economic activity from January through March. Economists worry that if no fresh measures were rolled out, the overall economy could sink to an unacceptable level.