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BEIJING, Feb. 16 (Xinhua) -- China should deepen the reform of its large commercial banks and policy financial institutions this year, in the wake of an increasingly complex external and internal environment, the country's central bank said Thursday.

The merger is expected to be completed in the third quarter of 2012.

Wu, chairman of the Standing Committee of China's National People's Congress (NPC), said China-Spain relations are at the best time in history.

The minister emphasized the importance of transparency in the forming of new standards, encouraging civilians, lawyers and experts to participate in the process.

To reduce tax burdens, the government initiated a series of policies last year, including cutting tariffs on imports of energy resources and raw materials and raising the thresholds on value-added tax, turnover tax as well as personal income tax.