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Momentum was created for reform and development through opening up. We worked hard to keep foreign trade stable by adjusting the mechanism for sharing the cost of export tax rebates between the central and local governments, overhauling and regulating charges for imports and exports, increasing trade facilitation, and making changes to the export mix. The number of restrictions on overseas investment in China was cut by 50%, and over 95% of overseas-funded projects may now be undertaken on a simple reporting basis. China utilized US6.3 billion of overseas investment, an increase of 5.6%. Non-financial outward foreign direct investment reached 8 billion, up 14.7%. Pilot free trade zones were established in Guangdong, Tianjin, and Fujian based on the model of the China (Shanghai) Pilot Free Trade Zone. The RMB was included in the IMF's Special Drawing Rights basket. The Asian Infrastructure Investment Bank was officially inaugurated, and the Silk Road Fund opened for business. China signed free trade agreements with the Republic of Korea and Australia, respectively,and signed the Protocol to Amend the Framework Agreement on Comprehensive Economic Cooperation between China and ASEAN. Progress was made in the Silk Road Economic Belt and 21st Century Maritime Silk Road Initiative (the Belt and Road Initiative), the pace of our industrial-capacity cooperation with other countries was stepped up, and breakthroughs were made in China's export of high-speed railway and nuclear power equipment.

The findings showed that over half of the inspected entities, including the People's Bank of China, the central bank, Industrial and Commercial Bank of China, Ministry of Education as well as China Banking Regulatory Commission, have been involved in violating the CPC's frugality code.

While China is phasing out energy-intensive and non-competitive factories, it is fostering the growth of new sectors including advanced equipment manufacturing, new materials, new energy, information technology and biotechnology.

3. We continued to pursue innovation-driven development and accelerated the development of new industries and new forms of business. We issued guidelines on deepening structural and institutional reforms and accelerating the implementation of the innovation-driven development strategy, pushed forward pilot reforms for all-round innovation, and devoted great energy to promoting innovation and industrial upgrading.

BRUSSELS, March 28 (Xinhua) -- China and the Central and Eastern European countries (CEEC) have witnessed fruitful and flourish cooperation on areas including interconnection, finance, agriculture and culture since the establishment of China-CEEC mechanism, also known as the 16+1 mechanism.