China was "fully confident" of achieving its full-year economic and social development targets, the chairman of the country's economic planner Zheng Shanjie said on Tuesday, adding some of 2025's budget would be issued this year to support projects.

A package of economic stimulus measures unveiled by authorities since late September sent Chinese shares soaring on Tuesday to two-year highs, extending a rally after markets reopened from a week-long National Day holiday.

Investors and economists were expecting more policy support on the fiscal side to underpin the market's optimism.

China's economy remains largely stable but is facing more complex internal and external environments, Zheng, chairman of the National Development and Reform Commission (NDRC), told a press conference.

"The downward pressures on China's economy is also increasing with some industries seeing rat-race competition," Zheng said.

To support local governments, China will issue 100 billion yuan from next year's central government budget and another 100 billion yuan for key investment projects by the end of this year, Zheng said.

The country will also quicken fiscal spending and "all sides should keep making efforts more forcefully" to strengthen macroeconomic policies, he added.

Zheng also said China would study new policies in a timely manner to promote steady growth, structural improvement and sustained development of the economy.

The NDRC will "closely follow changes of the economic situation, evaluate the effects of policy implementation, and conduct preliminary research on more supportive policies and maintain policy options," said Zheng.

The government set a growth target of around five percent this year, but economic indicators showed growth momentum waned since the second quarter.

China unveiled its most aggressive monetary stimulus package since the COVID-19 pandemic and a flurry of property market support in late September, a sign officials are becoming increasingly anxious and keen to reverse the economic downturn.

A vice NDRC chairman said at the same press conference that China's economic growth remained "generally stable" over the first three quarters. (Reuters/Xinhua)