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Momentum was created for reform and development through opening up. We worked hard to keep foreign trade stable by adjusting the mechanism for sharing the cost of export tax rebates between the central and local governments, overhauling and regulating charges for imports and exports, increasing trade facilitation, and making changes to the export mix. The number of restrictions on overseas investment in China was cut by 50%, and over 95% of overseas-funded projects may now be undertaken on a simple reporting basis. China utilized US6.3 billion of overseas investment, an increase of 5.6%. Non-financial outward foreign direct investment reached 8 billion, up 14.7%. Pilot free trade zones were established in Guangdong, Tianjin, and Fujian based on the model of the China (Shanghai) Pilot Free Trade Zone. The RMB was included in the IMF's Special Drawing Rights basket. The Asian Infrastructure Investment Bank was officially inaugurated, and the Silk Road Fund opened for business. China signed free trade agreements with the Republic of Korea and Australia, respectively,and signed the Protocol to Amend the Framework Agreement on Comprehensive Economic Cooperation between China and ASEAN. Progress was made in the Silk Road Economic Belt and 21st Century Maritime Silk Road Initiative (the Belt and Road Initiative), the pace of our industrial-capacity cooperation with other countries was stepped up, and breakthroughs were made in China's export of high-speed railway and nuclear power equipment.

To cushion the effect of job losses on families and society, the central government decided to allocate 100 billion yuan (15.34 billion U.S. dollars) to help the laid-off workers find new jobs. The fund can be increased if necessary and the local governments should do their own job accordingly, according to Li.

BEIJING, Feb. 29 (Xinhua) -- China expects the negotiation on an upgraded version of the China-Singapore Free Trade Agreement (FTA) to be finished within this year, Chinese Foreign Minister Wang Yi said on Monday.

REPORT ON THE WORK OF THE STANDING COMMITTEE OF THE NATIONAL PEOPLE'S CONGRESS

BEIJING, Feb. 26 (Xinhua) -- China on Friday slammed the remarks of a top U.S. admiral on the South China Sea and urged U.S. officials to stop playing up the situation.