BEIJING (Reuters), -China is determined to stabilize its economy, and will make use of various policies to help employment, the Chinese cabinet said Wednesday.

After a regular meeting, China’s cabinet stated that it will prioritize employment in its fiscal and monetary policies. Various policy tools would be employed to prevent job loss.

The cabinet stated that the new downward pressure on China’s economy increased in April because of the greater than anticipated impact of a new pandemic round and changes in international circumstances.

As local authorities tried to stem the spread of records COVID-19, the economy was hit hard. There has been a partial or full lockdown in several Chinese cities.

Officially, the unemployment rate was 5.8% in March. This is a nearly two-year record.

China will pay no interest on student loans this year to college graduates who graduated last year or this year.

The statement added, “Price stability, good supplies, and grain output will all be guaranteed.”

According to the cabinet, an additional 50 billion Yuan (7.45 Billion) in subsidy for renewable energy will be available for power-firms that have been backed centrally.

China plans to increase investment effectiveness by channeling private capital into infrastructure projects through the issuance of real property investment trusts, according to cabinet.

China Securities Regulatory Commission(CSRC) stated separately that it was launching a unique corporate financing program as part its continued support of the private economy.

China Securities Finance Corp is funding the scheme and it will help private companies with strong prospects and innovative technology, according to the CSRC.

($1 = 6.7135 renminbi)