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2) Fiscal, tax, and financial reforms were steadily pushed forward. We made further improvements to the system of transfer payments to local governments, launched reform of the administration system for tax collection, extended the price-based resource tax to cover more types of resources, and registered steady progress in replacing business tax with VAT. Policies promoting the development of inclusive finance, Internet finance, and private banks were published and implemented, floating limits on interest rates on deposits were abolished, and most controls over interest rates were lifted. The deposit insurance system was officially implemented. The mechanism for determining the central parity of RMB exchange rate was improved, and the RMB was included in the International Monetary Fund' s special drawing rights (SDR) basket. Fresh progress was made in the reform of policy-backed financial institutions and developmental financial institutions. Effective measures were taken to prevent the occurrence of systemic financial risks.

"We see no indication that [...] this militarization effort, has stopped. And it's doing nothing [...] to make the situation there more stable and more secure," U.S. State Department spokesperson John Kirby said Thursday as commercial satellite imagery reportedly indicated the "very recent" placement of missiles on Yongxing Island.

Ivanov said close high-level exchanges guide the development of bilateral relations, and the two countries have maintained rapid development in cooperation in various fields and close communication and coordination in international affairs.

The government's role, as in Xi's philosophy, is "smart," while the market is "decisive."

Cui said the growing middle class is now the driving force of consumption in China. According to the World Bank, the Chinese economy grew at an average annual rate of 8.7 percent between 2009 and 2014, compared with the world average of 2 percent.