China will increase imports of urgently needed key products, the cabinet said on Tuesday, and encourage financial institutions to increase credit support to appropriate companies.

It did not specify what products were urgently needed.

The government will also provide subsidies to low-income families when the monthly consumer price index (CPI) reaches 3.5 percent year on year, or food CPI reaches 6 percent, the State Council said in a statement.

Authorities will also conduct inspections to ensure annual capacity reduction targets of steel and coal are met, it said.