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The report, approved by lawmakers at the legislature's annual session on Wednesday, is a blueprint for the government's work in 2016, according to a statement released after a State Council executive meeting presided over by the premier.

He also accused the United States of sending missile destroyer and strategic bombers into waters and airspace adjacent to the Nansha Islands and had its allies hold targeted joint military exercises or joint cruises in the region.

Revenue in the central government's general public budget amounted to 6.923399 trillion yuan, which is 100% of the budgeted figure and an increase of 7%. Adding in the 100 billion yuan contributed by the Central Budget Stabilization Fund, total revenue came to 7.023399 trillion yuan. Expenditures in the central government's general public budget amounted to 8.073 trillion yuan, which is 99.1% of the budgeted figure and an increase of 8.6% (this includes 2.5549 trillion yuan in central government expenditures and 5.5181 trillion yuan in tax rebates and transfer payments from the central government to local governments). Adding in the 70.399 billion yuan used to replenish the Central Budget Stabilization Fund, central government expenditures totaled 8.143399 trillion yuan. The central government's total expenditures exceeded total revenue leaving a deficit of 1.12 trillion yuan, which is consistent with the budgeted figure. Central government debt had an outstanding balance of 10.659959 trillion yuan at the end of 2015, which meant it had been kept within the limit of 11.190835 trillion yuan budgeted for the year. The Central Budget Stabilization Fund had a balance of 115.637 billion yuan.

"The biggest economic risk China faces today is in the financial sector," he stressed, singling out China's turbulent stock market as a lesson to be learned for the regulatory mechanism.

NANCHANG, Feb. 3 (Xinhua) -- Chinese President Xi Jinping has called for a change in local government development concepts on a visit to east China's Jiangxi Province.