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The growth momentum comes from restructuring. Restructuring holds the key to economic transformation. We will actively develop the new economy, foster new engines of growth while upgrading traditional engines, and build the "twin engines" for development. In this process, we will reduce overcapacity, particularly in the coal, iron, steel and other industries that are experiencing difficulties. We will also foster new growth areas, follow an innovation-driven strategy, encourage mass entrepreneurship and innovation, further develop the service sector, high-tech industries, SMEs and micro companies, carry out the strategy of Made in China 2025, and increase the competitiveness of the real economy. In the process of reducing overcapacity, we may need to resettle and rearrange for some employees. However, thanks to the development of the new economy and new drivers of growth, a host of new businesses and industries have emerged, bringing along many new job opportunities and providing the conditions for upgrading traditional industries. Governments at all levels should, acting under the pressure of market forces, help employees get new jobs, and arrange for basic living necessities for those who face temporary difficulties. Both the central and local governments should bear these responsibilities. At the same time, we will actively advance urbanization, and that is the biggest source of potential domestic demand. We will expand effective investment, such as those in infrastructure, to remove obstacles, improve the environment and create better conditions to upgrade the consumption level and improve people's lives. This will also promote the development of agriculture and the rural areas, propel agricultural modernization, and continuously increase farmers' income.

January's new yuan loans were also about four times that posted in December 2015.

PRAGUE, March 29 (Xinhua) -- China and the Czech Republic on Tuesday agreed to elevate their ties to a strategic partnership during Chinese President Xi Jinping's first state visit to the country, as the two nations inked a host of intergovernmental agreements to promote ties in various areas.

Facing a complicated global landscape and pressure from an economic slowdown at home, the central government has made transforming government functions a top priority.

This agreement will allow visa free travel to the EU for citizens of China holding a diplomatic passport for stays up to 90 days (within any 180-day period) as well as for EU citizens travelling to China and holding a diplomatic passport or an EU laissez-passer.