China has no timetable to launch a digital currency, said Yi Gang, governor of the People's Bank of China, at a news conference held on the stable, healthy and sustainable development of China's economy on Tuesday.

It is the first news conference held at the Press Center for the Celebration of the 70th Anniversary of the Founding of the People's Republic of China.

China will keep its prudent monetary policy, Yi added.

China's "unprecedented" massive tax and fee cut saved enterprises and individuals nearly 1.35 trillion yuan (about $189 billion) in the first seven months of this year, Minister of Finance Liu Kun said.

"The reduction policies are so comprehensive that almost all taxpayers will benefit from the tax and fee cuts this year," Liu told the news conference.

During the period, taxes were reduced by a total of 1.17 trillion yuan. The private sector took 63 percent of the tax relief. In terms of industries, manufacturing enterprises got the lion's share and saw 364.8 billion yuan less duties levied, or 31 percent of the total tax reduction.

Cutting taxes and fees has stimulated market vitality, enhanced market confidence, and boosted economic growth momentum, Liu said.

"The package of comprehensive cutting taxes and fees policies implemented this year has been well received as the most direct, effective and fair incentives to enterprises," he added.

For each day in the January-August period, there were 19,000 newly-registered companies on average, and investment in high-tech industries picked up to grow 13 percent year-on-year, the minister said.

"The main indicators of the first eight months showed that the Chinese economy had stayed within a reasonable range and achieved generally stable growth while making further progress," Liu said. "The tax and fee cuts have played an important role."

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