The Chinese Government has developed a set of measures aimed at reducing companies’ costs, in order to stimulate economic growth, Chinese state-run news agency Xinhua reported.

The plan is part of a work scheme announced on Monday by China’s State Council, the media outlet said. It includes reducing taxes and lowering funding costs, as well as reducing the cost of land use, energy consumption and logistics, according to the news report.

Xinhua added the Government aims to achieve “major progress” in corporate profitability in approximately three years. 

China’s economy grew 6.7 percent year-on-year in the second quarter of 2016; the pace remaining unchanged from the previous quarter. China’s leadership agreed earlier this year that the official target range of growth for 2016 should be in the range of 6.5 percent to 7 percent.