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John Micklethwait, Bloomberg's editor in chief, talked about the Asian Infrastructure Investment Bank (AIIB).

Invited by Obama, Xi will attend the fourth Nuclear Security Summit to be held in Washington from March 31 to April 1.

Major Initiatives of the Past Year

The growth momentum comes, first and foremost, from reform and opening-up. The rapid development of the Chinese economy over the past three decades proves that as long as reform continues, the economy will keep going forward. This year, we will continue to deepen such reforms as streamlining administration, delegating powers, and improving oversight and services. We will provide easier market access. The government can focus more on ongoing and ex-post supervision, step up protection of intellectual property rights, fight against fake and substandard products, create a level-playing field for competition, and boost market vitality and social creativity.

Currently, China's banking, securities and insurance industries are under separate regulators. As the financial market evolves, the boundaries of some financial services become blurred, leading to both overlapping regulation and supervision vacuum.