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It also raises the threshold for fines, by stipulating that fake or substandard vaccines worth less than 500,000 yuan (about 72,908 U.S. dollars) shall be calculated as 500,000 yuan.

In just over a year, the tasks of reform laid out at the third plenary session of the 19th CPC Central Committee have been accomplished on the whole, Xi said.

At the same time, the organization and product system of financial institutions in the banking sector has been constantly optimized, with large banks taking the lead in increasing input and lowering cost.

Although tax and fee cuts will reduce fiscal revenues in the near term, they will increase companies' confidence in investment and development, help boost employment, ensure sustainable economic growth and expanded sources of tax revenues, he said.

Lifting the bilateral ties to a strategic partnership will further strengthen the foundation of bilateral relations, said Radev.