China's cabinet said on Saturday it would promote a consumption recovery as the major driver of the economy and boost imports, state broadcaster CCTV reported per Reuters. The news highlights cooling of global demand and recession concerns behind the readiness from China policymakers to act.

The meeting was chaired by China Premier Li Keqiang wherein the State Council, which functions like Cabinet in China, owed to speed up the rollout of foreign investment projects, maintain a stable yuan, ease cross-border travel and help companies to participate in domestic and overseas trade shows, per the news.

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