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VAT can encourage firms to outsource more services rather than adopting a do-it-all business model, promoting the development of the service sector and the upgrading of manufacturing industries, the report added.

Furey, who chose China as his first foreign destination after taking office in early December, said it is in line with both countries' interests to develop mutually beneficial cooperation.

China's Vice Finance Minister Shi Yaobin said in an interview with Xinhua that China does not intend to apply for financial support from AIIB in the initial stage.

BEIJING, Dec. 27 (Xinhua) -- Chairman of the National People's Congress (NPC) Standing Committee Zhang Dejiang said China's first counter-terrorism law was key part of a law system to ensure national security.

Significant achievements have been made across all sectors of governance in the years since Xi made his pledge to journalists. In just three years, Xi and the CPC leadership have successfully steered China closer to achieving this great vision.