BEIJING, July 8 -- The State Council, China's cabinet, said on Wednesday that the country had the confidence and condition to realize its major economic and social development targets this year.

"Positive signs have been increasing in the last two months and structural readjustment has been accelerated," said a statement released after an executive meeting of the State Council presided over by Premier Li Keqiangon Wednesday.

"China's fiscal and monetary policies have been taking effect, while both development momentum and risk prevention capabilities were strengthened," the statement said.