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Innovation is ranked as the first among China's five development concepts, followed by coordination, green development, opening up and sharing. An innovation-driven development strategy for China's economy has been repeatedly stressed by Chinese officials.
Li Daokui, an economics professor with Tsinghua University, cautioned that China's economic operation and upgrade have been hindered by stock market plunges and expectations on a falling yuan.
On China-Europe relations, Wang said recent progress was not an expediency but a necessity.
China raised its budget deficit to 2.3 percent of GDP in 2015, up from 2.1 percent in 2014.
The SPC last year issued judicial explanations on P2P lending, recognizing lending among enterprises with conditions, in a bid to satisfy the demands of small and medium-sized companies for investment and financing, according to the report.
