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The lawmakers should improve the legislation to serve reform and promote the implementation of new development concepts, said Zhang.

Kerry also hailed the "significant progress" made on the resolution, adding that "it will go beyond anything that we have previously passed."

However, these nations will not lose their appeal, Zhu pointed out, citing a string of factors including economic scale and cooperation within the bloc.

We will actively promote reforms of the fiscal and financial systems. For example, business tax will be replaced with VAT in all sectors, a major step of structural reform that will save businesses more than RMB500 billion in tax. This will not only help us form a consistent tax system and eliminate double taxation. More importantly, it will strongly boost the development of the service industry, especially high-end services, such as R&D, and support the transformation and upgrading of the manufacturing sector. Most enterprises will benefit from the tax reduction to varying degrees, and small and micro businesses will see their tax burden significantly lightened. In times of fiscal difficulties, the government is doing this to release more water to nourish the fish in the pond, i.e. to generate continued momentum of growth with a short-term drop in fiscal revenue. It is also indicative of the room for fiscal flexibility left at our disposal. Let me give you another example. For reforms in the financial sector, we can explore market-based approaches for debt-for-equity swap to help lower corporate leverage ratio.

Passenger trips reached 400 million from Feb. 7 to 13, up 6.7 percent from last year, MOT data showed.