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BEIJING, May 24 (Xinhua) -- President Xi Jinping Thursday told visiting German Chancellor Angela Merkel that China will work with Germany to push bilateral ties to a higher level.

As part of efforts to implement blueprints set out by the Central Economic Work Conference and the Government Work Report, the annual taxable income threshold of small and micro businesses eligible for halved income tax will be raised from 500,000 to 1 million yuan. The per unit value of newly-purchased research and development (R&D) instruments and equipment eligible for one-time tax deduction will be raised from 1 million to 5 million yuan.

China has confidence and capabilities to maintain a medium-high growth rate and achieve high-quality development in the long term, he added.

"The number of people lifted out of poverty during the 40 years is truly impressive. But what is also truly impressive is China's investment in human development including health, education, and social protection," Rosellini said, adding the human development index has gone up very strongly in China.

Wang held talks with Mogherini before the press briefing at the eighth China-EU High Level Strategic Dialogue in the EU headquarters.