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The government will also continue with a market-based, managed floating exchange rate regime to keep basic stability of the yuan at a reasonable and balanced level, he said.

It is a great achievement made under the leadership of the CPC Central Committee with Comrade Xi Jinping as the core, said the letter.

Although there was an 87 percent growth in debt balance that the local governments have committed to repay with public funds, and some counties and the western region with comparatively smaller debt balances in previous years saw their debt balances more than doubled, the average government debt ratio (the debt balance to be repaid with public funds by government divided by the comprehensive financial resources of the same government) in these regions reached 70 percent.

Yuen said that the negotiation and signing of the Arrangement once again demonstrates that the differences between the two places' legal systems are no obstacle to cooperation, if both sides can foster mutual understanding and mutual respect in accordance with the spirit of the "one country, two systems" policy.

The document, titled Jointly Build the Belt and Road: Ideas, Practices and Chinese Contributions, was released by the Leading Group on the Construction of the Belt and Road.