multilateral trade agreements, saying that Chinese people value a promise as much as tons of gold.
China pays close attention to building a law-based government, abolishing improper r
ules, subsidies and activities that undermine fair competition and treating all enterprises equally, Xi said.
The president highlighted building infrastructure of high quality, sustain
ability, risk resilience, reasonable pricing, inclusiveness and accessibility under the Belt and Road Initiative.
Infrastructure is a bottleneck in the development of many nations
, Xi said, and building infrastructure can help countries give full play to their ad
vantages in resources and better integrate into the global supply, industry and value chains.
Xi called on countries to uphold multilateralism, promote green devel
opment and fight corruption with zero tolerance in the process of building the Belt and Road.
ival, Tomb-sweeping Day, May Day and Dragon Boat Festival, all saw a marked increase in the number of domestic tourists.
During the three-day Tomb-sweeping Day holiday that ende
d on April 7, the number of domestic tourists reached 112 million, a 10.9 increase year-on-year.
Apart from sightseeing, more Chinese tourists now opt to exp
erience the cultural essence of their destinations by visiting local museums.
Over the past three years, visitors to Chinese museums have been growing by about 100 mi
llion each year, Liu Yuzhu, head of the National Cultural Heritage Administration, told reporters earlier this year.
During the week-long Spring Festival Holiday in 2019, more than 40 percent of the 415 milli
on domestic tourists visited museums, a report from the China Tourism Academy showed.
tion with China on jointly building the Belt and Road, She said.
Noting that the history of Italy-China exchanges for the past 50 years has been a history of dia
logue and friendship, the speaker said the Italian Senate is willing to facilitate exchanges between the two cou
ntries’ legislative institutions, and continue to make contributions to deepening Italy-China friendly cooperation.
Xi arrived in Rome Thursday for a state visit to Italy, the first stop of his three-nation Europe tour, which will also take him to Monaco and France.
hinese authorities have unveiled detailed measures to implement valu
e-added tax reform, a key step to boost market vitality and stabilize economic growth.
Starting April 1 this year, the 16 percent VAT rate that applies to manufa
cturing and other sectors will be lowered to 13 percent, while the rate for construction, tran
sport and other sectors will be reduced from 10 percent to 9 percent, said a joint statement released on Th
ursday by the Ministry of Finance, State Taxation Administration and the General Administration of Customs.
systemic financial risks, are the fundamental tasks of financial work, calling for accelerated construction of the fina
ncial market infrastructure and advanced efforts to nationalize key information infrastructure in the sector.
He also urged solid statistics in the financial sector and improvement in the warning system and rules on information disclosure and management.
Education and supervision of senior officials of financial institutions and regulators sh
ould be enhanced, and more should be done to fight corruption in the financial sector, Xi said.
He called for dynamic supervision of domestic and cross-border capital flow to enable financial watchdogs to fully monitor all flows.
Xi said tasks for the reform and opening-up of the financial sector should be well implem
ented, calling for the preparation and the rolling-out of new reform and opening-up measures based on
the latest development of global economy and finance as well as the strategic needs of China.
Reforms including revamps on market access system and trading regulations should be deepened, and regulators should take a two-pronged appr
oach of enforcing both macro-prudential management and micromanagement of behaviors, he said.
He said those causing major financial risks due to their breaches such as lax regula
tion, cover-ups or decision-making failures must be held accountable and face serious punishment.
Efforts should be made to address the current situation where the costs of legal and
regulatory breaches in the financial sector, especially capital markets, are too low, Xi said.
Xi urged enhancing the global competitiveness of China’s financial sector, elevating the two-way opening-up to a highe
r level and beefing up capabilities of financial management and risk prevention and control amid greater opening-up.