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So far, 100 old urban industrial areas have created transformation plans. The NDRC has provided financial support to 86 industrial zones over the past three years.

Third, we strengthened the guiding role played by fiscal funds and fiscal policies. We made great efforts to promote the use of the public-private partnership (PPP) model, and we encouraged nongovernmental capital to enter public service sectors by providing investment and operation subsidies or through franchising or other methods. We moved ahead with pilot reforms of management over the use, disposition, and profit rights of scientific and technological advances made in central-level public institutions. We improved the policy of additional tax deductions for enterprise research and development. We selected the first group of demonstration cities to act as business start-up and innovation hubs for small and micro businesses.

With the economy expanding at a 25-year low last year, fiscal revenue grew at its slowest pace since 1988.

On the Belt and Road, Wang declared that the initiative should not be seen as Chinese expansionism, but rather as an exercise in opening up. The initiative has already brought forth the Asian Infrastructure Investment Bank and improved industrial cooperation between China and nearly 20 countries.

This year's Spring Festival, or Chinese Lunar New Year, falls on Feb. 8.