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Rather than adopting strong stimulus policies that would have an economy-wide impact, we continued to move forward with structural reform. We intensified reform to streamline administration, delegate more powers, improve regulation, and provide better services. We delegated the power or cancelled the requirement for government review for 311 items, cancelled the requirement for verification or approval for 123 professional qualifications, and put a complete stop to the practice of non-administrative review. The number of items which require government approval for new businesses prior to registration was cut by 85%, and the system of a separate business license, organization code certificate, and taxation registration certificate was replaced by a unified business license with a unified social credit code. Both operational and post-operational oversight over businesses were strengthened, and public service procedures were improved. Government-related procedures for individuals and businesses were made much simpler, such that enthusiasm for stepping out into business and making innovations is rising by the day.

Some advisors said more science and technology museums should be built to encourage the public to take an interest.

China's GDP grew at an average annual rate of 7.8 percent in the five years between 2011 and 2015. The enviable growth made China the world's second-largest economy, and the largest trading nation in terms of goods as well as a major outbound investor, Li said.

BEIJING, Feb. 15 (Xinhua) -- It is groundless and unfair to blame China for the global slowdown and market volatility, and naysayers' misjudgments highlight their ignorance on the world's second-largest economy.

"All this will serve to deliver to the people a happier life with more secure jobs, greater confidence in the future and a stronger sense of satisfaction," Li said.