China’s State Council is confident that the country will be able to reach its economic and social development targets for this year, Chinese state-run news agency Xinhua reported.

China’s cabinet issued a statement to that effect on Wednesday after an executive meeting presided over by Chinese Premier, Li Keqiang.

“Positive signs have been increasing in the last two months and structural readjustment has been accelerated,” said the statement, as quoted by Xinhua.

China’s State Council added the country’s “fiscal and monetary policies have been taking effect, while both development momentum and risk prevention capabilities were strengthened”.

The Chinese cabinet’s message came after the Chinese National Bureau of Statistics said earlier this week that China’s economy was “showing some positive changes”. It also came after Mr Li said earlier this month he was “confident” the Chinese economy could achieve a 7-percent growth target this year.

But a recent survey by the Organisation for Economic Co-operation and Development (OECD) suggested the Chinese and Brazilian economies are showing fresh signs of weakening.

The OECD’s monthly leading indicator, a gauge designed to measure early signals of the expansion and slowdown of economic activities, declined to 97.3 in China during May, from 97.5 in April. The reading for Brazil slipped to 98.8 from 99.1 during the same period. A level below 100 signals contraction in economic activities.

The pace of China’s economic growth slowed to 7 percent in the first quarter, its must sluggish in six years. The Brazilian economy contracted 0.2 percent in the January-March period.