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During the same period, the country could also raise the real fiscal deficit ratio to 6 percent, up from 3.9 percent last year, which will contribute another 1 trillion yuan in stimulus funding.

During the past years, China has accelerated tax reforms to make the paying tax process easer, faster and more accurate. According to Doing Business 2006, for example, businesses in Shanghai spent 832 hours per year on average back then to prepare, file, and pay taxes, and they had to make 37 payments. By the time Doing Business 2020 was published, these metrics have been reduced to just 138 hours per year and seven payments, according to the World Bank.

During the speech, he vowed to strengthen self-defense war deterrence to contain and control all the dangerous attempts and intimidatory acts by the hostile forces, "including their sustained and aggravating nuclear threat."

During the first three months of this year, parts of Liangshan have seen higher temperatures and less rainfall than normal. The prefecture will have windy weather on Tuesday, with potential hazards for wildfire, the prefecture's meteorological department said.

During the Lujiazui Forum held in mid-June in Shanghai, Kamath said that Shanghai should take the chance of working with global financial institutions such as the NDB to build itself into a world financial center and the process will be much easier, thanks to the use of technology. By providing financial services to BRICS countries in renminbi, the NDB will also facilitate the internationalization of the renminbi, which is essential to Shanghai's role as a world financial hub.