China will further shorten the time required for the registration and approval of new cancer drugs and cut prices, a State Council executive meeting chaired by Premier Li Keqiang decided on Monday.

Experts will be gathered to select overseas new drugs to meet urgent clinical needs, while import policies will be improved for faster launch of the drugs in China, according to a statement released after the meeting.

The country will step up efforts to ensure more early diagnosis and treatment of cancer, and offer preferential value added tax policies for drugs for treatment of rare diseases.

It was also decided at the meeting that China will enhance its anti-poverty efforts to lift at least 10 million people out of poverty in 2019 after bringing 13.86 million people out of poverty last year.

China will support commercial banks to replenish capital through various channels including speeding up approval of perpetual bond issuance and introducing long-term investors.

Lenders with augmented capital are required to offer more loans to private enterprises and small and micro businesses, according to the meeting.