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BEIJING, March 9 (Xinhua) -- China's top legislator Zhang Dejiang said Wednesday that the National People's Congress (NPC) Standing Committee sticks to the leadership of the Communist Party of China (CPC) in its work.

In responding to the mounting downward pressure on the economy, we exercised targeted and well-timed regulation on the basis of range-based regulation. We adopted proactive fiscal policy that focused on increasing intensity and efficacy by expanding the scope of structural tax reductions, reducing fees across the board, and putting dormant budgetary funds to good use. Local government bonds issued to replace outstanding debt reached 3.2 trillion yuan, lessening the interest payment burden of local governments by approximately 200 billion yuan while also reducing their debt repayment pressure. We pursued prudent monetary policy with an appropriate amount of intensity, making several cuts to interest rates and required reserve ratios, reforming management of the loan-to-deposit ratio, creating new monetary policy tools, and increasing support for the real economy. Effective investment increased, special-purpose funds were established, and development was strengthened in areas in need of attention, including water conservancy, rundown urban areas and dilapidated rural housing, and railways and highways in the central and western regions. Consumer spending was promoted in key areas, spurring rapid growth in spending on recreational travel, online shopping, and information goods and services. In 2015, we also responded proactively to a variety of risks and challenges in the financial sector, such as unusual fluctuations in the stock market and the foreign exchange market, ensuring that no systemic or regional threats arose, thus safeguarding China's economic and financial security.

In 1959, the Chinese government set up an administrative office and the ensuing government facilities on the Yongxing Island.

Major Initiatives of the Past Year

The SPC also strengthened enforcement. From January 2015 to February this year, 4.67 million people who failed to follow court orders were punished and 3.38 million discredited people were included on a publicly available blacklist.