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Looking back over the last five years, it is clear that the reform and development of public finance work in China has reached a new level, and that its role as the foundation of the country's governance has been effectively utilized. We constantly deepened the reform of the budgetary management system, made systematic headway in replacing business tax with VAT and in reforming excise tax and resource tax systems, and achieved major progress in building a modern fiscal system over five years of continuous refinement. In exercising macro regulation through fiscal policy, we paid great attention to keeping market expectations stable, unleashing internal forces for driving economic growth, and promoting structural improvements, and helped achieve a better-quality, higher-efficiency, and steadily operating economy by relying more heavily on market forces and adopting more reform measures. The wellbeing of our people has seen continual improvements, and we increased spending in related areas while working hard to improve related expenditure policies and institutional arrangements, emphasizing their public nature as well as increasing their sustainability. We established a general institutional framework for the management of local government debt, developed a clear picture of total outstanding debt, and carried out the systematic replacement of a portion of outstanding debt to ensure better overall control of debt-related risks.

The previous 20 meetings of the Central Leading Group for Overall Reform had seen about 100 documents approved, rolling out an uNPRecedented number of strong reform measures to establish a healthier economy, a more independent judiciary and a more law-based society.

Chinese leaders traditionally visit ordinary people in both urban and rural areas ahead of the holiday. Xi visited Gansu Province and Beijing in 2013, north China's Inner Mongolia Autonomous Region and northwest China's Shaanxi Province in 2015.

The United States and the ROK started talks on THAAD after the Democratic People's Republic of Korea (DPRK) allegedly launched an Earth-observation satellite to test ballistic missile technology earlier this month.

BOAO, Hainan, March 25 (Xinhua) -- Premier Li Keqiang on Thursday highlighted global cooperation as he reassured entrepreneurs attending Boao Forum for Asia (BFA) that China's market will stay open.