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Box 2: Six Major Projects to Stimulate Consumption

At People's Daily, having learnt that many young copy editors work on the night shift, Xi asked whether they have time to make interviews and investigations at grassroots level. He told the newspaper's chiefs to create opportunities for their staff to interview or work in grass-roots communities.

Xi, also General Secretary of the Communist Party of China (CPC) Central Committee, made the remarks during a three-day tour of the revolutionary base areas from Monday to Wednesday, which took him to Ji'an, Jinggangshan and Nanchang, just days ahead of Spring Festival, or the Chinese Lunar New Year.

Looking back over the last five years, it is clear that the reform and development of public finance work in China has reached a new level, and that its role as the foundation of the country's governance has been effectively utilized. We constantly deepened the reform of the budgetary management system, made systematic headway in replacing business tax with VAT and in reforming excise tax and resource tax systems, and achieved major progress in building a modern fiscal system over five years of continuous refinement. In exercising macro regulation through fiscal policy, we paid great attention to keeping market expectations stable, unleashing internal forces for driving economic growth, and promoting structural improvements, and helped achieve a better-quality, higher-efficiency, and steadily operating economy by relying more heavily on market forces and adopting more reform measures. The wellbeing of our people has seen continual improvements, and we increased spending in related areas while working hard to improve related expenditure policies and institutional arrangements, emphasizing their public nature as well as increasing their sustainability. We established a general institutional framework for the management of local government debt, developed a clear picture of total outstanding debt, and carried out the systematic replacement of a portion of outstanding debt to ensure better overall control of debt-related risks.

The Chinese currency, renminbi, has been included into the International Monetary Fund basket of reserve currencies and China became in January a member of the European Bank for Reconstruction and Development, both of which indicate China's rising presence in global financial activities.