BEIJING - The State Council, China's cabinet, approved on Wednesday a raft of measures to stabilize growth in foreign trade.

The government will speed up the process of export tax rebates for companies and make sure payments are given accurately and timely, according to a statement released after a State Council executive meeting, which was presided over by Premier Wen Jiabao.

The government urged commercial banks to expand trade financing for small and micro-sized firms, and increase credit to qualified exporters. Meanwhile, export-related insurance companies have been asked to increase short-term services to small and medium-sized businesses to help them explore overseas markets, the statement said.

Further, administrative procedures such as inspection and quarantine will be optimized and related costs will be reduced starting next year in order to improve efficiency during customs clearance, the statement added.

The measures were announced as the world's largest exporter and the second-largest economy experiences a slowdown.

Government data showed the country's total foreign trade reached $2.5 trillion in the first eight months, up 6.2 percent year on year. However, the growth rate was far below the 10-percent full-year target. Meanwhile, economic growth eased to 7.6 percent in the second quarter, marking the lowest growth in more than three years.