China has taken more robust and innovative measures in conducting macro regulations in light of evolving conditions and promoted economic recovery and growth in 2024, according to a government work report submitted to the national legislature for deliberation on Wednesday.

The economy got off to a good start in the first quarter last year, the report said. However, influenced by various external and internal factors, key indicators declined after entering the second quarter, adding to the downward pressure on the economy.

China achieved a rapid recovery in demand, accelerated growth of production and saw a notable improvement in market expectations.

Efforts were made to stem the downturn and restore stability in the real estate market. China reduced interest rates for housing loans and the ratios of down payments, and achieved an annual reduction of about 150 billion yuan (around $20.64 billion) in interest payments for existing mortgages, according to the report.