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ROME, June 15 (Xinhua) -- China's 13th Five-Year Plan will be a driver of the strengthened collaboration with Italy, Italian experts said here in Rome at a conference held earlier this week to give an overall picture of the future development of China.

China and PNG have highly complementary economies with great potential for cooperation, Li told O'Neill.

The 2,500-word letter, drafted by a group of young Chinese scholars who currently study international law in the Netherlands, slams the controversial case unilaterally initiated by the Philippines for its lack of legality, noting that the arbitral decision violated the United Nations Convention on the Law of the Sea (UNCLOS).

The fundamentals of the Chinese economy have remained unchanged, and our macro policies will maintain continuity and stability. In the meantime, we will continue to innovate means of macro control, implement the proactive fiscal policy with greater intensity and efficiency, and carry out the prudent monetary policy in a flexible and appropriate fashion. We will channel more resources into areas that help strengthen weak links, increase the momentum of development and take development to a higher level, as well as into areas of the new economy that serve to promote economic transformation and upgrading. The current debt ratio for the Chinese government is around 40 percent, and is only around 16 percent for the central government, lower than many other major economies. This has given us space for a proactive fiscal policy. A high savings rate in China means huge potential for the development of multi-tiered capital markets. It also means major leeway for improving financial regulation methods and financial resource allocation. We are in a position to create conditions to gradually lower corporate leverage ratio and financing costs in a market-based and law-based manner. We not only have sufficient policy tools to keep economic performance within the reasonable range. We also have strong ability to prevent systemic or regional risks. In the stage of transition, short-term fluctuations of economic growth are hardly avoidable, but the Chinese economy will not head for a "hard landing". And we will be able to achieve the main economic and social development targets set for this year.

He expressed the belief that the CPC will score greater achievements in leading China into a prosperous future.