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China is increasing its support for agriculture by renewing select tax breaks that have expired, the central government said on Wednesday, in another move to support the real economy.

Financial companies do not have to pay a business tax on the interest earned on agricultural loans worth no more than 100,000 yuan ($16,260), the State Council said in a statement after a meeting chaired by Premier Li Ke-qiang.

Their corporate income tax would also be discounted by 10 percent to "muster the enthusiasm of financial institutions when it comes to lending to farmers," the statement said.

The tax breaks, previously in place but had expired, will be reinstated and are effective until the end of 2016.

Insurers that sell insurance to crop and livestock farmers would also get a 10 percent discount on their corporate income tax, the statement said.

A tax break that cuts the business tax to 3 percent for financial firms working within counties would also be extended until the end of 2016, the State Council said.

Buffeted by a slowing housing market and slowing domestic demand and investment, -China's economic growth is forecast by some analysts to be sliding toward 7.4 percent in 2014.

On Wednesday's meeting, the State Council has also unveiled a series of measures to promote independent innovation and encourage entrepreneurship.

Since 2010, China has experimented with policies promoting scientific and technological innovation in the Zhongguancun National -Demonstration Zone in Beijing.

The government will roll out six Zhongguancun policies to the rest of country, including new rules on research funds and equity financing for small enterprises.