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For her part, South Korean President Park Geun-hye hailed China for scoring significant achievements in efforts to realize the Chinese Dream amid a lackluster global economic recovery.
We have been effectively implementing proactive fiscal policy and prudent monetary policy. We increased targeted tax reductions, reduced fees across the board, extended the coverage of tax relief policies to benefit more small and micro businesses, and expanded the trials to replace business tax with VAT to cover more industries. We sped up the process of making budgetary funds available for fiscal expenditures and put surplus budgetary funds to good use. By flexibly utilizing monetary policy instruments, making targeted cuts to required reserve ratios, carrying out targeted re-lending, and making asymmetric interest rate cuts, we stepped up support for weaker areas in economic and social development. Increases in loans made to small and micro businesses, and loans for agriculture, rural areas, and farmers, outdid the average increase in loans overall by 4.2 and 0.7 percentage points respectively. At the same time, regulation of the financial sector was improved and regional and systemic risks were forestalled.

In a world facing volatile economic situation, we should all work to promote opening-up and innovation. What has happened since the outbreak of the international financial crisis seven years ago proves that to work in unity is the surest way for countries to get over the difficulties. We are all interdependent in this world. While we each have the right to adopt economic policies in line with national conditions, we need to strengthen macro-policy coordination to expand the convergence of interests and achieve common development. An European proverb says, "when the wind of change blows, some build walls, while others build windmills." We need to act along the trend of our time, firmly advance free trade, resolutely reject protectionism, and actively expand regional economic cooperation. We need to build global value chains, and seize the opportunity of a new technological revolution. While the international community agree on the importance of macro-policies to the economy, they also recognize the urgency to go ahead with structural reform. Structural reform must be carried through no matter how difficult it is, as it is an effective way to foster conditions conducive to global innovation and bring about new momentum for global development.
China's southernmost and youngest city, Sansha was established in July 2012 to administer more than 200 islets, sandbanks and reefs in the Xisha, Zhongsha and Nansha groups as well as two million square kilometers of surrounding waters.
BEIJING, March 13 (Xinhua) -- China will name and shame medical equipment manufacturers caught evading official procedure to sell their products overseas.
来源:资阳报