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China attaches great importance to relations with the Philippines, and the two countries should make continuous efforts to push forward and connect development strategies to benefit people on both sides, Xi said.

China has been boosting the opening-up of the air transport industry.

China announced tariffs on Monday ranging between 15 and 25 percent on 128 American products, including pork, fruits, nuts and wine, in response to an estimated billion in US tariffs on steel and aluminum.

China has become the world's largest market for cross-border e-commerce, ringing up a 30 percent annual growth rate in the past few years. About 200,000 small and medium-sized businesses are involved in cross-border e-commence through different platforms with total transactions exceeding 0 billion, said Long Yongtu, former vice-minister of the then Ministry of Foreign Trade and Economic Cooperation.

China had 285 billionaires with their total wealth reaching 6 billion in 2018, while the United States had 705 billionaires, the highest, with net worth of .013 trillion, said the report.