"The Chinese economy has indeed encountered new downward pressure, while the global economy is slowing down", Li said at the end of the annual session of the Chinese National People's Congress.
Last year, China lowered banks' reserve requirement ratios five times to release more funding into the economy and further cuts are expected this year.
At their previous summit in Argentina in December, Xi and Trump agreed to a truce in which both promised to refrain from imposing further tariffs for 90 days while trying to complete trade negotiations.
Top trade officials from America and China are holding talks to negotiate a comprehensive trade deal.
The law will become effective on January 1, 2020.
"This law will regulate government behaviour, requiring the government to perform its functions in accordance with the law", he said.
Li's comments suggest Beijing is ready to roll out more stimulus measures to ensure the economy grows within a targeted range of 6.0 to 6.5 percent.
The supply of nursing services for the elderly and infants in China is insufficient and can not meet demand, and this situation deserves the highest attention, Li said.
"Keeping steady growth of China's economy in itself is an important progress", he said.
"There is none of that now, and there never will be (any of it) in the future", Li told journalists at a press briefing marking the end of China's yearly parliamentary meeting.
"It has delivered real benefits to the Chinese people, and it has benefited the world, so why won't we go ahead with it?" he said.
China will bolster its national coffers by collecting more of the profits earned by some financial institutions and centrally-owned firms, while general expenditure will be cut, Li said.
In order to keep the country stable China will ensure the creation of more than 11 million new urban jobs this year, he said.
"This year, for the first time, we are elevating the status of employment-first policy to a macro policy together with the fiscal policy and monetary policy", Li said.
Innovative measures are needed to address the shortages of such services to meet public demand, Li said, adding that developing community-based nursing services for the elderly and infants can help as nursing facilities in communities can be more accessible to people.
"In terms of policy support - we may provide public rental housing units to private actors to provide services such as mobility, daycare, etc. Tax breaks may be provided to these service providers in terms of expenses on water, electricity and natural gas", he said.
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