(Bloomberg) — China’s economy faces new downward pressures and has to cut taxes and fees to address the problems faced by small and medium-sized companies, according to the country’s Premier Li Keqiang.

Li did not specify the extent of the new “downward pressure” or its cause, but the phrase is generally used by Chinese officials to refer to a slowing economy. The phrase has been used before by Li, and several times since 2019.

The economy needs “cross-cyclical adjustments” to continue in a proper range, Li said during a visit to China’s top market regulator, state broadcaster CCTV reported. The phrase signifies a more conservative fiscal-monetary approach, which focuses on long-term economic performance rather than the immediate.

Read more: China’s Economy Weakens as Power Crunch, Covid Rules Hurt

China’s economy has been slowing in recent months due to Beijing’s push to slow growth in the real-estate sector. Li’s remarks came after further signs of weakness in October due to power shortages which weighed on manufacturing, and strict coronavirus controls which put a brake on holiday spending. 

The official manufacturing purchasing managers’ index fell to 49.2, the National Bureau of Statistics said Sunday, the second month it was below the key 50-mark that signals a contraction in production. 

Several investment banks have lowered their forecasts for China’s 2021 growth to below 8% in recent weeks. However, former Chinese central bank adviser Huang Yiping told Bloomberg News Tuesday that while China’s economy will slow further over the next few months, annual growth of around 8% is achievable.

Li demanded a better environment for business through better oversight of markets and equal treatment for all kinds of businesses. He also mentioned efforts to fight monopolies and unfair competition.

A statement from China’s government urging local authorities to ensure there was adequate food supply during the winter and encouraging people to stock up on some essentials prompted concerned talk online Tuesday, with the Ministry of Commerce later trying to calm concerns. 

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