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Cooperation between China and the IAEA is also increasing, he said, as evidenced by the appointment of Chinese national Yang Dazhu as one of the IAEA Deputy Directors General.

DEVELOPMENT PILOT ZONE

The measures are normal practice in global markets and do not mean the government is trying to replace or weaken the role of the market, Li said.

Li said that the real economy will be upgraded for better quality and greater efficiency through faster depreciation rate in machinery, textile, light industry and automobiles sectors and more investment channeled towards technical transformation of traditional industries. Corporate R&D innovation will be encouraged by way of extra tax deduction for R&D costs and revision of the Administrative Measures for Determination of High and New Tech Enterprises. Wider application of green, energy-efficient and low-carbon products will be encouraged, and more sectors could plug in the "Internet+" initiative to foster new growth areas. As each sector becomes more vibrant, the stability of the overall economy will be built on a more solid basis.

Wei was also a member of the Standing Committee of the Political Bureau of the CPC Central Committee.