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"Kazakhstan has benefited from China's Belt and Road initiative and China's plan to build large power plants and steel plants in the country," said Machkevitch Alexander Antonovich, chair of the Board of Managers of Eurasian Resources Group.

Wang, who is also the general director of the State Flood Control and Drought Relief Headquarters, told a conference that local authorities should not underestimate the urgency of flood control at present.

In addition, legislators reviewed the qualifications of several NPC deputies as well as appointments and dismissals during Wednesday's meeting.

"Development and stability will remain in a virtuous circle for a fairly long period," Liu said.

First, we accelerated the reform of the budgetary management system. We transferred local educational surcharge and ten other items from the budgets of government-managed funds into general public budgets. We drew up management regulations for the budgets of central state capital operations, transferred more funds from such budgets into general public budgets, and established a mechanism for making transfer payments from the budgets of central government state capital operations to the budgets of local government state capital operations. We moved forward with medium-term financial planning. We made further progress in organizing and integrating special transfer payments, cutting the number of items from 150 in 2014 to 96 in 2015. We established a standardized mechanism for local governments to secure financing through bond-issuance, placed local government debt under budgetary management by category, and imposed ceilings for such debt. All local government bonds are now issued and repaid by their respective provincial governments. We enacted regulations and operational guidelines for the preparation of government financial reports, published basic principles on government accounting, and revised the general fiscal budget accounting system.