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REPORT ON THE EXECUTION OF THE CENTRAL AND LOCAL BUDGETS FOR 2015 AND ON THE CENTRAL AND LOCAL DRAFT BUDGETS FOR 2016

BEIJING, March 14 (Xinhua) -- China is hoping market liberalization and giving firms incentives to produce better products and improve services will persuade the country's growing middle classes to spend their money inside the country rather than abroad.

BEIJING, Feb. 20 (Xinhua) -- President Xi Jinping's inspection tour to three leading news providers on Friday was lauded by reporters, experts and students majoring in journalism.

China will continue to adjust the structure of foreign trade, and raise its exports to a higher level, he said.

Second, we deepened tax reforms. We carried out research on a plan for implementing trials of replacing business tax with value added tax (VAT) in all sectors and a reform plan for taxing personal income on the basis of both adjusted gross income and specific types of income. We further expanded the coverage of ad valorem taxation, extending it to the reform of resource taxes on rare earths, tungsten, and molybdenum. We carried out research relating to the excise tax reform plan and improved excise tax policies. We intensified efforts to review and standardize fees and charges levied on businesses.