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China is also simplifying the rebate system to improve efficiency. The executive meeting set a goal to cut the average processing time from 13 days to 10 by the end of the year, while companies with good records will receive rebates faster and more easily, the statement said.

China is the world's second largest consumer market, with a population of 1.4 billion, including more than 400 million middle-income earners. Last year, China's per capita GDP crossed the 10,000-dollar threshold for the first time.

China is one of Fonterra's largest global markets, accounting for NZ.4 billion (.47 billion) of Fonterra's sales revenue and a normalized earnings contribution of greater than NZ0 million in fiscal year 2017. Its business in China includes ingredients, food services, farms and the partnership with Beingmate.

China has taken measures to boost the private sector as it strengthens efforts to cut leverage levels to further reduce risks to the economy, especially the heavily indebted State sector.

China is Ireland's second-largest export market for pork and its third-largest market for dairy products, after the United Kingdom. Its seafood exports to China, primarily shellfish, have also grown strongly in recent years, said James O'Donnell, Bord Bia's director for Asia.