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China's shale gas exploration sector, which grew to nearly 600 wells and 9 billion cubic meters of production last year, is due to advance further thanks to new domestic drilling technology and cost cutting strategies, according to analysts.

China, Japan and the Republic of Korea also are working closely together to advance their free trade agreement talk. The three countries are close neighbors, and China would like to work with the other two countries to develop their own business cycles within a bigger picture, Li said at a press conference after the closing of the third session of the 13th National People's Congress.

Chinese Foreign Ministry spokesman Geng Shuang said on Wednesday that China will impose sanctions on US companies involved in the arms sales. China promised similar sanctions when the US sold .2 billion worth of weapons, including M1A2 Abrams tanks and Stinger anti-aircraft missiles, to Taiwan last month.

China's top five photovoltaic modules exporters in value in the first quarter were Jinko Solar, JA Solar, Trina Solar, Canadian Solar, and Longi, taking up 12.8, 8.6, 8.3, 7.4, and 6.7 percent, respectively, of total export value. Export volume of the top 12 exporters took up 65 percent of total export, added the report.

China's soybean imports will continue to rise in the coming months as the impact of the COVID-19 pandemic on trade is limited, and the purchases of soybeans from the United States will be ramped up, the Ministry of Agriculture and Rural Affairs said on Wednesday.