BEIJING (REUTERS) - China will speed up the establishment of a regulatory system for local government debt financing while strengthening prevention of potential financial risks, state TV reported a meeting of the country's top decision-making body, the politburo, as announcing on Thursday.

China will also keep price levels relatively stable, the state TV quoted the body as saying. The report did not give specific details.

China's economy faces difficulties stemming from the global uncertainties, although growth was relatively steady in the first quarter, the report said.

China's growth unexpectedly slowed to 7.7 per cent in the first quarter from 7.9 per cent in the previous three months.