Beijing announced on Wednesday long-awaited fiscal measures to stabilize China’s economy, promising to cut taxes for small firms and accelerate the construction of rail projects, South China Morning Post reported. The government also said it would increase the length of current railway lines by 18%, financed by a mixture of bank loans, bonds and investment funds. Analysts worried that without a new stimulus package from Beijing, China would fail to meet the target of 7.5% economic growth this year. The measures come after Premier Li Keqiang sought to reassure markets that Beijing was ready to provide support.