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"Based on our models...fiscal and monetary policy changes will have their best effect on the real economy after five to nine months, and China's pro-growth measures will start to show stronger effects in the fourth quarter of 2015 or the first half of 2016," noted the paper.

When talking about the RMB exchange rate, Li stressed that the Chinese government has no intention of boosting exports by devaluing the yuan. Still less would China go for a trade war. The fact is the RMB exchange rate has remained basically stable against a basket of currencies. And there is no basis for continuous depreciation of the RMB.

The railway linking the capitals of Hungary and Serbia, Budapest and Belgrade, has a total length of 350 km, with 184 km in Serbia. It is designed for electric passenger and cargo trains with a maximum speed of 200 km per hour.

Prior to the meeting, Li held a red-carpet ceremony to welcome Medvedev at the Great Hall of the People.

At the end of last year, 70.17 million people in the countryside lived below China's poverty line of 2,300 yuan (376 U.S. dollars) in annual income by 2010 price standards.