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The report also showed that China has lowered its GDP growth target for 2012 to 7.5 percent after projecting it around 8 percent for seven consecutive years, as China hopes to achieve higher-quality development over a longer period of time.

Jinggangshan, where Mao established a rural base for the Chinese revolution in 1927, is regarded as the cradle of the Chinese Communist revolution.

The people-to-people dialogue should be the third of its kind between the two sides, or the so-called "third pillar", following the established high-level economic and trade dialogue and the high-level strategic dialogue.

Zhou Xiaochuan, governor of the People's Bank of China (PBOC), the central bank, spoke to Xinhua on the sidelines of the annual parliamentary session, which opened here Monday.

However, the massive funds have seen their value eroded significantly by inflation over the last decade.