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China's local government debt soared during an investment and construction binge following the global financial crisis in 2008. Well aware of the risks, authorities have rolled out a string of measures including the debt-for-bond swap to reduce the local debt burden.
China's economy will continue "to rebalance, depending more on consumption to drive growth."
China's innovation and entrepreneurship activities have accelerated since 2015 as the government sees them as drivers for the economy's transition.
China's improving economic fundamentals are behind balanced cross-border capital flows and contribute to stability. "People in China and abroad have had more confidence in the country's long-term economic and social development following the successful 19th National Congress of the Communist Party of China," the statement said. It will help maintain the stability of the foreign exchange reserves, the statement said.
China's first draft civil code, which is under review at the annual session of the top legislature, is essential to comprehensive advancement of the rule of law and will offer stronger protection of people's fundamental interests, national lawmakers said.
来源：资阳报