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At the same time, we are soberly aware that there are still a number of difficulties and problems standing in the way of fiscal work. Among these are the increasing difficulty in maintaining a balanced budget and the inflexibility in the structure of expenditures. Debt pressure on local governments is mounting, instances of borrowing in breach of regulations or in disguised form are still occurring, and the prevention and control of potential risks is becoming exceptionally difficult. The capacity of certain departments and organizations to execute their budgets is still quite poor, and work on some major programs has not gotten off the ground on time or has progressed at an unacceptably slow pace. Furthermore, government funds can still be utilized in a more coordinated, secure, and effective manner. We view these issues as extremely important, and will take effective measures to resolve them.

"Three years ago, on the same occasion, I promised that this term of government would cut the number of items that require State Council reviews or approvals by one third. We have already fulfilled that target," Li told a press conference after the conclusion of the national legislature's annual session.

Don Pramudwinai echoed Wang, and said LMC played an important leading role in regional development. He pledged to work with China and other parties to make the first leaders' meeting a success.

3. Implementation of major expenditure policies in 2015

Trade and economic relations between the country and China have been growing rapidly over recent years. So far, the Czech Republic has become the second-largest trading partner of China in the CEE region, and China has been the Czech Republic's second-largest trading partner in the world, next only to the EU. In 2015, their two-way trade topped 11 billion U.S. dollars.