There is no need for China to resort to quantitative easing or take U-turns in macro policies this year, and the nation will maintain consistency and sustainability in its policies, Premier Li Keqiang said on Thursday.

Li said at a news conference after the closing of the annual session of the National People's Congress that China's market players, especially smaller businesses, are in the process of recovering from the fallout of COVID-19, and the government will adopt reasonable and appropriate adjustments to policies introduced last year.

He said the country will introduce new structural tax and fee cuts to offset the impacts of the drawdown of other policy measures.

"We will continue to ensure people’s basic living needs, promote employment and support the market," he said.

He pledged steps to expand the use of directly allocated fiscal funds to benefit businesses and the people in a quicker and more efficient manner.

As the nation endeavors to stabilize its leverage ratio, Li also highlighted the need to encourage financial institutions to make reasonable interest concessions to make financing easier for smaller firms and lower their financing costs.