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China would make its efforts to ensure the success of the coordination meeting and inject new impetus to the development of China-Africa comprehensive strategic partnership, Geng said.

China's announcement came after the US Trade Representative's office released a finalized list of 16 billion dollars' worth of Chinese goods. The tariff hike will take effect on Aug 23, bringing the total worth of Chinese goods facing a 25 percent tariff to 50 billion dollars.

China's 40 years of reform and opening-up are an example of maximizing absolute and comparative advantages by enlarging the market and enhancing the division of labor. China achieved speedy development by boosting the flow of production factors, lowering transaction costs, creating a unified domestic market and opening up to engage in international division of labor and exchanges. In the past four decades, China's trade in goods has soared from .6 billion to trillion, and now ranks first in the world.

China's CPI rose 2.1 percent year on year in July, compared with 1.9 percent for June, data from the NBS showed.

China's Hong Kong Special Administrative Region, the Netherlands and Switzerland are among the top five, followed by Japan, Germany, Sweden, the United Kingdom and Denmark, the report showed.