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The government's role, as in Xi's philosophy, is "smart," while the market is "decisive."

We have tightened budgetary constraints and made sure that all expenditures are based on budgets. We further increased the detail of budget itemization, scaled down the amount of tentative budgets prepared by the Ministry of Finance for other governments offices or programs, and examined and approved departmental budgets in a timely fashion. We accelerated the work to break down and disseminate budgetary expenditure targets and intensified inspections of programs implemented by central government departments, therein achieving noticeably faster budget execution. We improved the regulatory system for budgets and made budget assessment an essential part of the budgetary management procedures. We introduced regulations such as the provisional regulations for performance target management of special transfer payments from the central government to local governments. The number and yuan value of central government department programs that received performance evaluations rose by 26.3% and 27% respectively, and the evaluation results were linked to the allocation of this year's budgets. We expanded the number of government departments whose budgets and final accounts are subject to NPC review, and for the first time, publicly released budgets for special transfer payments broken down by region and by program. We also carried out inspections on the disclosure of local governments' budgets and final accounts with a view to enhancing their fiscal transparency.

DOHA, March 20 (Xinhua) -- Cai Mingzhao, executive president of the World Media Summit (WMS) and president of Xinhua News Agency, put forward three proposals at the opening session of the WMS 2016 here on Sunday to help WMS mechanism play a larger role in the future.

The U.S. Geological Survey says the epicenter of the shallow 6.4 magnitude quake was located nearly 43 kilometers southeast of Tainan, a city of nearly two million, where the damage was most extensive. The quake, which seismologists in Taiwan said had the equivalent impact of two atomic bombs, began shaking buildings around 4 a.m. local time.

BEIJING, Feb. 15 (Xinhua) -- Despite the current difficulties of BRICS economies, their economic fundamentals remain unchanged and better cooperation will help them tackle global challenges, said Chinese Vice Finance Minister Zhu Guangyao.