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China has become a vital refuge for US companies after overcoming COVID-19, as the country's rebounding consumer economy has helped offset the damage from tumbling sales back home, the Wall Street Journal reported.

China has always attached great importance to intellectual property rights protection by improving legislation and enhancing administrative and judicial protection, and the progress and effects have been widely acknowledged, the MOC said.

China has actively participated in the global value chain since its reform and opening-up in the late 1970s, achieving rapid economic development through its low costs and export-oriented strategy. However, deficiencies have gradually emerged, such as excessive dependence on foreign trade, risks in economic security, restrictions in key technologies and pressure on industrial upgrading.

China began importing solid waste as a source of raw materials in the 1980s. Given rising public concerns over environmental pollution and China's green development drive, the country decided to phase out and halt such imports by the end of 2019, except for those containing resources that are not substitutable.

China announced the revision of implementation measures for regulations on the administration of foreign-invested banks on Wednesday.