Actions must be taken to boost confidence as recovery on healthy upward trajectory

Despite external pressure and internal difficulties, China's economy rebounded with a growth rate of 5.2 percent last year, surpassing the official annual target of around 5 percent, according to the National Bureau of Statistics on Wednesday.

This has been achieved even without the government resorting to "massive stimulus", which reflects the country's "good and solid fundamentals in its long-term development", as Premier Li Qiang said at the World Economic Forum in the Swiss ski resort of Davos on Tuesday.

The government has obviously taken note of the need to shore up the market's confidence in the long-term growth prospects of the Chinese economy. To better boost the growth of the real economy, the central leadership stressed the need for the high-quality development of China's financial sector, vowing to accelerate the building of a modern financial system on Tuesday.