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China has been the powerhouse for global growth and a main contributor to an open world economy in recent years. Since becoming a WTO member in 2001, China has cut average tariffs from 15.3 per cent to 9.8 per cent, removed over 50 access restrictions on the manufacturing sector and opened about 120 sectors of the service industry to different degrees. It is now the largest trading partner of 124 countries and one of the top three markets for goods from 54 WTO members.

China built the deposit insurance mechanism in 2015, under which a special fund was collected by the central bank to ensure depositors can get certain compensation if the bank fails.

China has accelerated a series of reforms for SOEs recently, including speeding up mergers and acquisitions and the setting up of a cabinet-level special working group for SOE reform, moving toward mixed ownership and market-oriented management.

China has long dominated global table tennis, winning 28 of a possible 32 gold medals since the sport was introduced to the Olympic Games in 1988. France, which saw a drop in its world ranking following the retirement of Jean-Philippe Gatien, is capitalizing on China's expertise by hiring Chinese coaches.

China had been importing and recycling Europe's plastic waste on a massive scale for decades and had repeatedly warned that it would stop doing so, in the best interests of the environment and the Chinese public.