Chinese authorities will take steps to boost consumption and will set up export tax rebates to stabilise foreign trade, China's Cabinet said on Wednesday reported Reuters citing Chinese state media. China will not limit new energy vehicle purchases, the Cabinet continued, adding that they will use policy tools including reserve requirement cuts in a timely way. 

China's Cabinet encouraged big US banks to lower provision ratios and said it will step up support for the real economy, especially Covid-19 hit industries and small firms. China will lower financial costs for the real economy, the Cabinet added.