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An institutional and legal framework, conducive to innovation-driven development, should be established by 2020, the document continued.

BEIJING, Feb. 13 (Xinhua) -- China completed the building of 5.11 million affordable houses in urban areas in 2014, with 2.29 million such projects under way, surpassing the goals set at the beginning of the year, the State Council announced at a press briefing on Friday.

Things began to change in 1979, when the NPC passed the Law on Chinese-Foreign Equity Joint Ventures, which was followed by the Law on Foreign-Capital Enterprises in 1986. The two laws made it possible for foreign companies to invest in what had been a closed country.

"China intends to conduct its presidency in an impartial fair and transparent way," Liu said. "We will work together with the other council members to inject greater efficiency in the work of the council and also to take a results-oriented approach."

BEIJING, Jan. 9 (Xinhua) -- China and the Community of Latin American and Caribbean States (CELAC) agreed on with three major documents on the last day of the first China-CELAC forum ministerial meeting.