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Grasso stressed China's role in international affairs.
On oversight, he said, "I want to make sure all the policies we designed and approved by the board will be implemented to the letter, and the oversight mechanism will be implemented without any compromise."
Once all industries shift to VAT in 2016, the overall tax saving will be more than 900 billion yuan, or 0.4 percent of GDP, CICC predicted.
Iran is an important country along the Belt and Road and stands ready to play a greater role in jointly pursuing the initiative with China, the supreme leader said.
"China has indisputable sovereignty over the Nansha Islands and their adjacent waters. China's test flights to the newly built airport on Yongshu Jiao fall totally within China's sovereignty," said Foreign Ministry spokesperson Hong Lei at a daily press briefing.
