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The NDRC said China is confident and capable of maintaining steady and sustainable economic growth over great resilience, strong impetus and huge potential.

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The PBOC cut the one-year interest rate of the medium-term lending facility last week to 2.95 percent, down from 3.15 percent. This rate was seen as the basis of the one-year LPR.

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The Organization for Economic Cooperation and Development (OECD), a Paris-based forum of 36 nations with market economies that work to promote economic growth, said Monday that it expects the global economy to slow sharply this year. Its "best case" estimate calls for the world economy to grow by 2.4 percent in 2020, down from its forecast of 2.9 percent growth prior to the coronavirus outbreak.

The PBOC will continue to make use of structural monetary policy tools like targeted reserve requirement ratio cuts to beef up support for major fields and weak areas in the economy, Pan said.

The NIFA has also cooperated with several credit firms to set up a credit-information platform at the beginning of this year to provide personal credit information services for online lenders, supplementing state-run credit platform.

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The PBOC's balance sheet showed that "deposits of nonfinancial institutions", which refers to the deposits at the PBOC by payment institutions, increased to 1.24 trillion yuan by the end of November 2018. It was only 123.8 billion yuan in January and rose 10 times within 11 months.

The PBOC said in a statement that liquidity in the banking system was "at a relatively high level" as the government sped up fiscal spending near the end of last month.

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The Ministry of Finance said that by the end of 2017, China's outstanding debt had reached 29.95 trillion yuan (.7 trillion), with 16.47 trillion yuan in local government debt, or 55 percent of the total.

The NDRRMC said the tropical depression affected over 36,000 residents in central and southern Philippines and caused 110.4 million pesos ( million) worth of damage to infrastructure.