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Democrats said the move compromised national security because some of the Republicans brought electronic devices into a secure room.

Despite the PR effect marking the US as an attractive business location, the nominal 15 percentage point reduction of the corporate tax rate may only mean a real decrease of 2 percentage points in tax payments, according to the US Congressional Budget Office, because the tax base has simultaneously been enlarged, said Liu Shangxi, head of Chinese Academy of Fiscal Sciences.

Despite disappointing market performance and lukewarm investor appetite casting a shadow over the new economy IPO frenzy, a flurry of mainland companies have lost no time in filing their IPO applications in Hong Kong, in their quest to cash in on the city's listing regime reform and raise funds before a potential reversal from peak valuations.

Deleveraging is no overnight task. It will be a gradual process calling for a delicate balance between tightening regulation and avoiding financial turmoil.

Despite the fraud, the minister stressed in his report that much progress has been made in social relief, which over the years has expanded to include cash benefits and a string of other temporary assistance measures ranging from healthcare to housing programs, all aimed at helping needy people survive during difficult times.