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Chinese Foreign Minister Wang Yi and the bank's President K.V. Kamath signed an agreement while Shanghai Mayor Yang Xiong and Kamath signed a Memorandum of Understanding on the headquarters of the bank in Shanghai.

The SPC will establish more circuit courts and improve fast-track procedures on minor cases this year.

He underscored the "consciousnesses of the ideology, the whole, the core and the line."

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.

Those cases involved 820.75 billion yuan (126.4 billion U.S. dollars), said the work report to be delivered by SPC President Zhou Qiang to China's annual parliamentary session.