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 and the RMB cross-border payment system was established. Pricing reform was intensified, with the number of central government set prices reduced by 80% and the number of local government set prices cut by more than 50%. We carried out state-owned enterprise (SOE) reforms, rural reforms, and investment and financing reforms, ecological management reforms, and others. Efforts to intensify reform in all respects are beginning to deliver results.

Momentum was created for reform and development through opening up. We worked hard to keep foreign trade stable by adjusting the mechanism for sharing the cost of export tax rebates between the central and local governments, overhauling and regulating charges for imports and exports, increasing trade facilitation, and making changes to the export mix. The number of restrictions on overseas investment in China was cut by 50%, and over 95% of overseas-funded projects may now be undertaken on a simple reporting basis. China utilized US$126.3 billion of overseas investment, an increase of 5.6%. Non-financial outward foreign direct investment reached $118 billion, up 14.7%. Pilot free trade zones were established in Guangdong, Tianjin, and Fujian based on the model of the China (Shanghai) Pilot Free Trade Zone. The RMB was included in the IMP's Special Drawing Rights basket. The Asian Infrastructure Investment Bank was officially inaugurated, and the Silk Road Fund opened for business. China signed free trade agreements with the Republic of Korea and Australia, respectively, and signed the Protocol to Amend the Framework Agreement on Comprehensive Economic Cooperation between China and ASEAN. Progress was made in the Silk Road Economic Belt and 21st Century Maritime Silk Road Initiative (the Belt and Road Initiative), the pace of our industrial-capacity cooperation with other countries was stepped up, and breakthroughs were made in China's export of high-speed railway and nuclear power equipment.

Third, we worked to promote industrial innovation and upgrading to improve economic performance.

To strengthen the new growth engines, an innovation-driven development plan was adopted along with guidelines on its implementation, policies and measures were introduced to encourage public participation in starting businesses and making innovations, and the Internet Plus action plan was implemented. A great number of makers started businesses and made innovations. Improvements were made to policies in support of agriculture to promote transformation of the agricultural growth model In addressing the decline in industrial growth and the downward slide in corporate performance, we worked to foster new industries and upgrade traditional ones. We launched the Made in China 2025 initiative to upgrade manufacturing, set up government funds to encourage investment in emerging industries and to develop small and medium-sized enterprises, and established more national innovation demonstration zones. We cut overcapacity