China’s premier said Wednesday that the country’s economic growth is within the “proper range” and Beijing has no plans to allow the yuan to depreciate further.

China will pursue innovation-driven development and encourage entrepreneur while enabling a business environment for fair competition, Li said.

Li conceded that China’s economy was facing downward pressures, but tried to allay concerns that after years of break-neck economic growth it was headed for a hard landing. “There’s an overall positive trend in spite of difficulties we face”, he said, adding that Beijing would “fine tune” its policies to provide more support.

China will strengthen fiscal policy, boost infrastructure spending and speed up reform of its tax system to support the economy, the Ministry of Finance said, joining other steps by authorities to re-energize sputtering growth. The world’s second-largest economy grew 7 percent in the first half from a year earlier – in line with the government’s target for 2015, but recent downbeat data has raised the risk the government could miss its full-year growth target.

The ministry also said it would issue debt quotas for local governments after the nation’s top legislator this year capped outstanding local-government debt at 16 trillion yuan ($2.5 billion).

Chinese policymakers have stepped up efforts to revive an economy growing at its slowest pace in decades, with a 40 percent plunge in mainland stock markets since mid-June roiling global financial markets.

He also defended a decision last month by the government to devalue China’s currency, the renminbi, saying it “will maintain a reasonable equilibrium level“.

“If a currency war does happen, it would only hurt China“, Li said.

“We will continue to ease market access for private banks and foreign companies to enter the financial sector“, he said.