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We will promote in a coordinated way reforms in the fiscal, taxation, finance, investment and other key areas. We have put in place a nation-wide reform to replace business tax with value-added tax. This major effort to cut taxes and lower the tax burden will facilitate the innovative development of modern service industry, SMEs and micro businesses. We will deepen the reform of the financial system, accelerate the improvement of the modern financial regulatory regime and increase the efficiency of financial services in supporting the real economy. We will also intensify reforms in SOEs, rural areas, investment and financing, foster a social credit system and unleash even greater vitality for economic development. The private sector is an important force driving economic development. We will do more to remove obstacles for private businesses, lift unreasonable restrictions on market access and strive to stimulate private investment.

The cultural festivals held in each other's cities have become the largest program with the broadest influence and highest attendance, she said.

"Countries from outside should honor their commitments and not make irresponsible remarks on issues involving territorial sovereignty," Foreign Ministry spokesperson Hua Chunying said in Beijing in response to remarks of U.S. Defense Secretary Ashton Carter and his Japanese counterpart Gen Nakatani at a security summit in Singapore.

It underlines that all nations should raise the awareness that everyone on earth is a member of the community of common destiny, meaning there is a common responsibility to pull together in times of trouble, and strive for common development and lasting peace.

The 2,500-word letter, drafted by a group of young Chinese scholars who currently study international law in the Netherlands, slams the controversial case unilaterally initiated by the Philippines for its lack of legality, noting that the arbitral decision violated the United Nations Convention on the Law of the Sea (UNCLOS).