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Both reports were made public on Sunday morning, shortly before a plenary meeting of the annual session of China's top legislature.

2) Fiscal, tax, and financial reforms were steadily pushed forward. We made further improvements to the system of transfer payments to local governments, launched reform of the administration system for tax collection, extended the price-based resource tax to cover more types of resources, and registered steady progress in replacing business tax with VAT. Policies promoting the development of inclusive finance, Internet finance, and private banks were published and implemented, floating limits on interest rates on deposits were abolished, and most controls over interest rates were lifted. The deposit insurance system was officially implemented. The mechanism for determining the central parity of RMB exchange rate was improved, and the RMB was included in the International Monetary Fund' s special drawing rights (SDR) basket. Fresh progress was made in the reform of policy-backed financial institutions and developmental financial institutions. Effective measures were taken to prevent the occurrence of systemic financial risks.

Liu said the article will reassure officials to take bold action to push forward reforms, and the 13th five-year national development plan will give them direction.

Meng noted that Chinese President Xi Jinping conducted a successful visit to the United States in September last year, during which the two sides reaffirmed their commitment to continuing the endeavor to build a new model of major-country relationship based on the principle of mutual respect and win-win cooperation.

They were made in the context of an extremely complicated and challenging international environment. In 2015, world economic growth fell to its lowest rate in six years, growth in international trade slowed, commodity prices plummeted, and there was growing volatility in the global financial market. All this had a direct impact on China's economy.