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Housing renovation is closely linked to people's livelihoods, and improves the living standards of the disadvantaged, reduces the housing inventory, and supports the property market. All of which work toward achieving stable economic growth, he noted.

Crucial to the China miracle is the ruling party's governance philosophy, which embodies the common aspirations of the people, said Sheng Yafei, a National People's Congress deputy, who grew up in a small village.

Wang said China is ready to work with the United States to ensure the success of the eighth annual economic dialogue, and push forward negotiations on a bilateral investment treaty and on an environmental goods agreement under the World Trade Organization framework.

Sincerity and honesty, along with the principle of government-business relations, stand for the progress of political civilization and the purification of a market economy, as well.

On the South China Sea issue, Wang reiterated the stance that islands in the region have historically been China's territory. He added that China is committed to resolving the disputes through peaceful dialogue and negotiation.