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The protocol was signed by representatives of China, France, Russia, the United Kingdom and the United States on May 6, 2014 in New York, the United States.

Now, the Chinese economy has entered a state of new normal. It is shifting gear from high speed to medium-to-high speed growth, from an extensive model that emphasized scale and speed to a more intensive one emphasizing quality and efficiency, and from being driven by investment in production factors to being driven by innovation. China's economy grew by 7.4% in 2014, with 7% increase in labor productivity and 4.8% decrease in energy intensity. The share of domestic consumption in GDP rose, the services sector expanded at a faster pace, and the economy's efficiency and quality continued to improve. When looking at China's economy, one should not focus on growth rate only. As the economy continues to grow in size, around 7% growth would be quite impressive, and the momentum it generates would be larger than growth at double digits in previous years. It is fair to say that the Chinese economy is highly resilient and has much potential, which gives us enough room to leverage a host of policy tools. Having said that, China will continue to be responsive to the new trend and take initiatives to shape the new normal in our favor. We will focus on improving quality and efficiency, and give even greater priority to shifting the growth model and adjusting the structure of development. We will make more solid efforts to boost economic development and deepen reform and opening-up. We will take more initiatives to unleash the creativity and ingenuity of the people, be more effective in safeguarding equity and social justice, raise people's living standards and make sure that China's economic and social development are both sound and stable.

He said China is willing to help Uganda speed up its industrialization and modernization process, share development experience, and promote the construction of airports, hydropower facilities and means of communication.

China will continue to promote water-saving technologies and set up a new water conservancy mechanism through gradual reforms in water price and water rights, Wang said.

China will accelerate construction of a high-speed network with lower charges, support "Internet Plus" and foster new growth impetus, according to a statement released after a State Council executive meeting presided over by Premier Li Keqiang.