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The VAT reform is the most significant step taken in reducing taxes in recent years. Premier Li told the national legislature in March that the government will ensure that tax burdens on all industries are reduced.

For his part, Wainwright said Europol attaches importance to its strategic cooperation with China. Europol is willing to strengthen communication and exchanges with China to combat crime and promote the long-term, sound and stable development of law-enforcement cooperation.

S&P on Thursday said that China's sovereign credit rating had slipped to negative because excessive government spending and debt may curb growth. It did, however, maintain the rating at AA-, saying the government's reform agenda was on track albeit at a slower-than-expected pace.

Xi ordered officials to use the Internet to engage with the people, learning about their concerns and wishes and engaging with them online.

Chinese Internet enterprises have made significant contributions to realizing the stable growth of the country's economy, stimulating employment as well as improving people's livelihood, said Xi.