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"All these represent a new, modernized, future-oriented development mindset," said Hu Min, a researcher with the Chinese Academy of Governance.

"We welcome the resumption of the Colombo Port City project, and stand ready to work with Sri Lanka to push forward the construction steadily," said Li.

A more socially significant impact of the VAT reform is that it eases tax burdens for small- and medium-sized enterprises (SMEs), which experts say will encourage entrepreneurship and boost job creation.

Liu, a member of the Standing Committee of the Political Bureau of the CPC Central Committee, briefed the Europeans on China's new development concepts -- innovation, coordination, care for the environment, opening up and sharing, noting that the Belt and Road regional infrastructure and trade initiative is based on openness, inclusiveness and practicality.

BEIJING, May 25 (Xinhua) -- A Chinese mainland spokesperson said Wednesday that Taiwan's new leader Tsai Ing-wen must, without any equivocation, clarify her stance on cross-Strait ties.