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4) Legislative work in other areas was coordinated.
LONDON, Feb. 27 (Xinhua) -- Chinese Commerce Minister Gao Hucheng said Friday that China and Britain face a rare opportunity in promoting bilateral economic and trade cooperation, according to a press release by the ministry.
Looking back over the last five years, it is clear that the reform and development of public finance work in China has reached a new level, and that its role as the foundation of the country's governance has been effectively utilized. We constantly deepened the reform of the budgetary management system, made systematic headway in replacing business tax with VAT and in reforming excise tax and resource tax systems, and achieved major progress in building a modern fiscal system over five years of continuous refinement. In exercising macro regulation through fiscal policy, we paid great attention to keeping market expectations stable, unleashing internal forces for driving economic growth, and promoting structural improvements, and helped achieve a better-quality, higher-efficiency, and steadily operating economy by relying more heavily on market forces and adopting more reform measures. The wellbeing of our people has seen continual improvements, and we increased spending in related areas while working hard to improve related expenditure policies and institutional arrangements, emphasizing their public nature as well as increasing their sustainability. We established a general institutional framework for the management of local government debt, developed a clear picture of total outstanding debt, and carried out the systematic replacement of a portion of outstanding debt to ensure better overall control of debt-related risks.
China's GDP grew at an average annual rate of 7.8 percent in the five years between 2011 and 2015. The enviable growth made China the world's second-largest economy, and the largest trading nation in terms of goods as well as a major outbound investor, Li said.
Under the Belt and Road Initiative, multi-faceted cooperation between the two countries is blessed with huge potential and definitely has very promising prospects.
来源：资阳报