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Of course, we are fully aware that the Chinese economy is now deeply integrated with the world economy. Some international agencies have lowered the growth forecast for this year and destabilizing factors and uncertainties are on the rise. The impact will be felt in the Chinese economy. At the same time, in China, the deep-seated structural problems have become more prominent, and the economy still faces growing downward pressure. As the economy goes through transformation and upgrading, temporary problems have occurred, and companies in certain industries are facing a hard time with their operation. We will not dodge these problems. In fact, knowing where problems are have made us all the more confident. We will expand aggregate demand as appropriate, and at the same time press ahead with structural reform, supply-side structural reform in particular. On the whole, for the Chinese economy, we believe there are more hopes than difficulties.

Li praised cooperation between China and the World Bank in such areas as urbanization and reform of pharmaceuticals and the healthcare system.

The U.S. has taken double standards on the militarization in the South China Sea. It automatically links Chinese defence facility deployment to militarization while selectively dodging the Philippines and Vietnam that have militarized the Chinese islands they occupy or the U.S. joint drills and patrols.

On July 5, 2012, the second World Media Summit was held in Moscow. This summit drew more than 300 representatives of 213 media outlets from 102 countries. Representatives exchanged views on electronic media development around the theme of "Global Media: Meeting Challenges of the 21st Century," the role of social networks in contemporary media space, the relationship between media and business sector and press ethics

China's military spending is budgeted to grow by around 7 percent to 8 percent in 2016, the slowest in six years, said Fu Ying, spokesperson for the National People's Congress (NPC) annual session on Friday.