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We will promote in a coordinated way reforms in the fiscal, taxation, finance, investment and other key areas. We have put in place a nation-wide reform to replace business tax with value-added tax. This major effort to cut taxes and lower the tax burden will facilitate the innovative development of modern service industry, SMEs and micro businesses. We will deepen the reform of the financial system, accelerate the improvement of the modern financial regulatory regime and increase the efficiency of financial services in supporting the real economy. We will also intensify reforms in SOEs, rural areas, investment and financing, foster a social credit system and unleash even greater vitality for economic development. The private sector is an important force driving economic development. We will do more to remove obstacles for private businesses, lift unreasonable restrictions on market access and strive to stimulate private investment.
"Sino-German relations have entered a very matured stage of development and pragmatic cooperation has reached a very high level after more than 40 years of joint efforts since the establishment of diplomatic relations," Xi said.

According to Wanda, its tourism arm, the largest tourism company in the country, reported a revenue of 12.7 billion yuan last year. It has set a target of hosting 200 million visitors in 2020 to become the world's biggest tourism company.
The approach is in full accordance with international laws and practices, and has been supported by most of the ASEAN countries including Malaysia and Brunei which are also claimants in the South China Sea, said Huang.
The fundamentals of the Chinese economy have remained unchanged, and our macro policies will maintain continuity and stability. In the meantime, we will continue to innovate means of macro control, implement the proactive fiscal policy with greater intensity and efficiency, and carry out the prudent monetary policy in a flexible and appropriate fashion. We will channel more resources into areas that help strengthen weak links, increase the momentum of development and take development to a higher level, as well as into areas of the new economy that serve to promote economic transformation and upgrading. The current debt ratio for the Chinese government is around 40 percent, and is only around 16 percent for the central government, lower than many other major economies. This has given us space for a proactive fiscal policy. A high savings rate in China means huge potential for the development of multi-tiered capital markets. It also means major leeway for improving financial regulation methods and financial resource allocation. We are in a position to create conditions to gradually lower corporate leverage ratio and financing costs in a market-based and law-based manner. We not only have sufficient policy tools to keep economic performance within the reasonable range. We also have strong ability to prevent systemic or regional risks. In the stage of transition, short-term fluctuations of economic growth are hardly avoidable, but the Chinese economy will not head for a "hard landing". And we will be able to achieve the main economic and social development targets set for this year.
来源:资阳报