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In responding to the mounting downward pressure on the economy, we exercised targeted and well-timed regulation on the basis of range-based regulation. We adopted proactive fiscal policy that focused on increasing intensity and efficacy by expanding the scope of structural tax reductions, reducing fees across the board, and putting dormant budgetary funds to good use. Local government bonds issued to replace outstanding debt reached 3.2 trillion yuan, lessening the interest payment burden of local governments by approximately 200 billion yuan while also reducing their debt repayment pressure. We pursued prudent monetary policy with an appropriate amount of intensity, making several cuts to interest rates and required reserve ratios, reforming management of the loan-to-deposit ratio, creating new monetary policy tools, and increasing support for the real economy. Effective investment increased, special-purpose funds were established, and development was strengthened in areas in need of attention, including water conservancy, rundown urban areas and dilapidated rural housing, and railways and highways in the central and western regions. Consumer spending was promoted in key areas, spurring rapid growth in spending on recreational travel, online shopping, and information goods and services. In 2015, we also responded proactively to a variety of risks and challenges in the financial sector, such as unusual fluctuations in the stock market and the foreign exchange market, ensuring that no systemic or regional threats arose, thus safeguarding China's economic and financial security.
In addition, three new courts dedicated to intellectual property rights (IPR) opened in Beijing, Shanghai and Guangzhou. Collectively, they closed 9,872 cases, with a considerable improvement of the quality and accuracy of rulings.
The following is the full text of Li's speech:
"Endeavors of poverty alleviation must be carried out in a precise manner, with different measures rolled out targeting different characteristics of different people and households," said Xi.
-- At 3 p.m., the NPC will hold a plenary meeting, at which Zhang Dejiang, chairman of the NPC Standing Committee, will deliver a report on the work of the NPC Standing Committee. Li Jianguo, vice chairman of the NPC Standing Committee, will elaborate the draft law on charity.
来源：资阳报