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Box 5: Reform of SOEs

The bank, with an initial subscribed capital of 50 billion U.S. dollars to finance, will "start appraisal of the potential projects in April," Wang said, adding that China hopes the bank will support the development and connectivity of BRICS countries and developing countries at large.

The period covered by the 12th Five-Year Plan came to a close in 2015. During the past five years, impressive achievements were made in China's development. Since the 18th CPC National Congress in 2012, we have found ourselves in a complicated international environment, and we have faced the challenging tasks of carrying out reform and development and maintaining stability at home. However, under the guidance of the CPC Central Committee headed by General Secretary Xi Jinping, we have continued our commitment to the general principle of making progress while working to keep performance stable, deepened reform and opening up, and adopted a series of major measures that should deliver both immediate and long-term benefits. As a result, we successfully fulfilled all the main tasks and targets set out in the 12th Five-Year Plan.

China's economy grew by 6.9 percent year on year in 2015, its lowest annual expansion in a quarter of a century.

Wang said of the South China Sea, "Freedom of navigation does not mean doing whatever you want."