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Box 5: Reform of SOEs

"All this will serve to deliver to the people a happier life with more secure jobs, greater confidence in the future and a stronger sense of satisfaction," Li said.

To prop up the economy, the People's Bank of China cut benchmark interest rates five times in 2015. Since the last reduction in October, the central bank also lowered the short-term money market rate many times to inject more liquidity to the financial system.

We provided housing support through the provision of both physical housing and rent subsidies, and carried out trials of developing and operating public rental housing through PPP models. We supported the renovation of 6.01 million homes in run-down urban areas and 4.32 million dilapidated rural houses.

"Our initiatives in legislation led to a number of important achievements that have supported and promoted the country's reform and development and ensured its stability," Zhang added.