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Currently the private sector in Shandong faces difficulties in getting financing, cost reduction, innovation, intellectual property rights protection and basic development needs such as land, labor and energy usage.

Currently, a lack of such an agreement is causing delays and inconveniences for both importers and exporters, which also limits the size of trade deals.

Cuomo said the state would deliver 1 million masks to such neighborhoods within 24 hours. The state has already distributed more than 8 million masks across the city.

Customs authorities display seized pangolin scales in Guangzhou, Guangdong province. [Provided to China Daily]

Cui Fan, a professor at the University of International Business and Economics, said the move is part of China's long-term endeavors to lower tariffs. Combined with a number of policies released by the State Council to attract foreign investors, the tariff policy is expected to improve the business environment and help boost foreign investment in the world's second-largest economy, he said.