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Stressing that development is China's top priority, the senior Party leader called on local authorities to focus more on development quality and efficiency.

Revenue in general public budgets nationwide totaled 15.221665 trillion yuan, an increase of 5.8% over 2014 (this figure for the year-on-year increase, including those below, have been adjusted to account for the inclusion into general public budgets of 11 items originally contained in the budgets of government-managed funds). Adding in the 805.512 billion yuan of utilized carryover and surplus funds and funds transferred from other sources, total revenue reached 16.027177 trillion yuan. Expenditures in general public budgets nationwide amounted to 17.576778 trillion yuan, up 13.2%. Including the 70.399 billion yuan used to replenish the Central Budget Stabilization Fund, expenditures totaled 17.647177 trillion yuan. Total expenditure therefore exceeded total revenue leaving a deficit of 1.62 trillion yuan, which is consistent with the budgeted figure.

Xi said both sides should maintain close high-level exchanges and deepen practical cooperation in major areas by synergizing each other's development strategies.

"Through our efforts in legislation and oversight, we have ensured that all of China's major reforms have a legal basis and are carried out soundly," Zhang said.

In early February, the central bank loosened rules on down payments for home purchases in cities with no restrictions and allowed lenders and local authorities to decide on their own deposit requirement.