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"VAT reform is an important part of China's fiscal and tax reform. Pilot VAT reform has achieved positive results and expanding it across all industries will reduce tax burdens on enterprises, boost the upgrade of industry and stimulate consumption," according to a statement issued on Monday following a symposium chaired by Premier Li on Friday.

After the 2008 global financial crisis, the two countries strengthened cooperation further via the won-yuan currency swap deal to stabilize the foreign exchange market.

CMC Vice Chairman Fan Changlong announced the decision on leadership appointment for the three forces, which was endorsed by CMC Chairman Xi.

For his part, Minister Counselor of the Chinese Embassy Qi Qianjin said that the Chinese-Egyptian cultural exchange has always been rich and expanding.

It is also important to address the legitimate concerns of all parties concerned to achieve a balance of interests of all parties, he said.