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China is speeding up efforts to open up its financial markets, providing foreign rating agencies great development opportunities, experts said after US-based financial information and analytics provider S&P Global was permitted to set up a subsidiary in China.

China has said that its comprehensive retaliation measures will match those of the US both in quantity and quality, as the two largest economies are on the verge of a trade war.

China is cutting tariffs across the board. Effective on July 1, China's average tariff rate for clothing, shoes and hats, kitchenware, and sports and fitness supplies will be reduced by 50 percent, and that for home appliances will be lowered by two-thirds. Import taxes on vehicles and auto parts will also be slashed on the same day.

China is establishing itself as a world leader in renewable energy sources thanks to its ever-increasing installed new energy capacity, which soared to 650 gigawatts in 2017 for a year-on-year increase of 14 percent, according to the National Energy Administration.

China has supported around 128,000 fishermen to lead better lives after they gave up their nets and boats on the Yangtze River to observe a fishing ban aimed at protecting biodiversity.