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China has started a campaign to contain the rapid spiral of macro leverage ratios in 2017. At the same conference Zhou Xuedong, PBOC spokesman, said China needs to be determined to deal with financial irregularities, otherwise risks in the area will be hard to root out.

China is now the premium brand's largest market around the globe. In the first 10 months of this year, Mercedes-Benz sold over 610,000 vehicles in the country, up 10 percent from the same period last year.

China is scheduled to phase out foreign investors' equity cap in commercial vehicle joint ventures starting from late July, as part of its commitment to further opening up the world's largest vehicle market.

China is always devoted to achieving denuclearization of the Korean Peninsula, maintaining peace and stability on the Peninsula and promoting dialogue and consultation, Geng said.

China is the world's largest consumer market, with 400 million middle-income people and a large number of rural residents with strong purchasing power, he said, adding this will create huge market space for European firms and promote bilateral cooperation in areas such as the digital economy, smart manufacturing and new materials.