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In a statement on its website, the People's Bank of China explained that the decision to hike RRR on some banks was due to the fact that they no longer met the requirements for China's targeted RRR cut.

The good news is that more toll stations along the way will be removed, as the government promises more streamlined administration and lower taxes.

China's GDP grew at an average annual rate of 7.8 percent in the five years between 2011 and 2015. The enviable growth made China the world's second-largest economy, and the largest trading nation in terms of goods as well as a major outbound investor, Li said.

"We have noticed that this official is busy making comments on the South China Sea -- sometimes in the U.S. Congress, and sometimes in the Defense Department -- which has given us the general impression that he intends to smear China's legitimate and reasonable actions in the South China Sea and sowing discord. He is finding an excuse for U.S. maritime hegemony and muscle-flexing on the sea," said Foreign Ministry spokesman Hong Lei.

PRAGUE, March 28 (Xinhua) -- Chinese President Xi Jinping arrived here Monday to start a three-day state visit to the Czech Republic, as China seeks closer China-Czech ties and stronger relations with Central and Eastern Europe (CEE).