BEIJING - China's one-year loan prime rate (LPR), a market-based benchmark lending rate, came in at 3 percent on Friday, unchanged from the previous month.

The over-five-year LPR, on which many lenders base their mortgage rates, also remained unchanged from the previous reading of 3.5 percent, according to the National Interbank Funding Center.

These latest developments follow last month's 0.1-percentage-point decline in market-based benchmark lending rates, the first decline this year.

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LPRs reflect the level of financing costs for households and businesses, with lower rates meaning less burdens for borrowers and stronger support for economic activity.

Latest data shows that the weighted average interest rate for new business loans fell to about 3.2 percent in May, down 50 basis points from a year earlier, while the rate for new personal mortgages dropped to around 3.1 percent, a decrease of 55 basis points.

China has vowed to adopt a moderately loose monetary policy in 2025, according to the government work report.

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The country's economy continued to expand steadily in May, as supportive policies helped sustain recovery amid global uncertainties. Key economic indicators - industrial production, retail sales, investment and services - extended gains in May, while employment continued its stable trend, the National Bureau of Statistics (NBS) said.