Central government leaders have pledged to deploy "necessary fiscal spending" to meet this year's economic growth target.

In a Politburo meeting on Thursday chaired by President Xi Jinping, they also vowed to revitalise the property sector.

According to Xinhua News Agency, the meeting was held "to analyse and study the current economic situation and make further arrangements for economic work".

"It is necessary to take a comprehensive, objective and calm view of the current economic situation, face the difficulties squarely and remain confident," it added.

The Politburo agreed that new economic problems demanded a "sense of responsibility and urgency" as Beijing seeks to achieve the 2024 GDP growth target of about 5 percent.

"The country should effectively implement existing policies, step up efforts to roll out incremental policies, further make policy measures more targeted and effective, and strive to accomplish the targets and tasks for this year's economic and social development," according to the meeting.

Leaders also said they would take measures to boost the property sector.

"We must respond to the people's concerns, adjust housing purchase restriction policies, lower interest rates on existing mortgage loans... and promote the construction of a new model for real estate development," Xinhua said.

On Tuesday, the People's Bank of China announced a series of measures, including cuts in mortgage rates and lowering the amount of cash banks have to keep in reserve, to help spur the world's second-largest economy.

The stimulus measures represent a "shift towards a more aggressive easing stance, given the sustained weakness in domestic growth", said Zhu Chaoping, global market strategist at JP Morgan Asset Management.

And the Politburo's endorsement of further stimulus "represents a strategic shift in macro policy, from piecemeal policies to a highly orchestrated package in the right direction," said Bruce Pang, chief economist China at Jones Lang LaSalle. (Agencies)