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Hosted by the State Council's Development Research Center, the annual China Development Forum is a platform for business and academic leaders to interact with China's top decision makers and economic planners.

"Construction projects for six to eight new generators are expected to begin each year from 2016 to 2020," Wang said.

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 tasks should be finished without discount this year and thus to set a good foundation for the fulfillment of the 13th Five-Year Plan, which outlined the policy framework, priorities as well as economic and social development goals for 2016-2020.

Budgetary revenue from the state capital operations of local governments totaled 94.724 billion yuan. Adding in the 12.43 billion yuan in transfer payments from the central government's state capital operations budget, total revenue stood at 107.154 billion yuan. Total budgetary spending on the state capital operations of local governments amounted to 84.32 billion yuan.