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China and the US might witness "more trade friction than ever" this year, though a trade war would not explode, said Wei Jianguo, vice-president of the China Center for International Economic Exchanges, a think tank.

China also recently recognized 10 foreigners who have made notable contributions to China's reform and opening-up and its economic development. They received a China reform friendship medal.

China Shipbuilding Industry Corp, one of the Chinese Navy's biggest contractors, announced debt-to-equity swaps which will see eight investors picking up stakes in two of its unlisted subsidiaries for an estimated 22 billion yuan (.27 billion).

China Life Insurance Company Ltd, one of the country's largest life insurers, will still look for potential investment opportunities globally, its top management said on Friday.

China Re Hong Kong is the first domestic insurance company approved to be established in Hong Kong since the establishment of the China Banking and Insurance Regulatory Commission. The company will develop the functions of risk management, technology advancement and financing in the scope of life reinsurance, as well as the "Belt and Road Initiative", and the construction of Guangdong-Hong Kong-Macao Greater Bay Area, so as to contribute to the prosperity and development of the insurance industry in Hong Kong and the Chinese mainland.