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China's medical insurance administration said it will lower the prices of 14 cancer drugs and instructed provincial-level drug-procurement platforms to follow the new standard by the end of next month.

China's contribution towards the company's global sales has increased from 7 percent in 2005 to current 13 percent. During the same period, its sales revenue surged 165 percent from 472 million euros to 1.25 billion euros.

China's long-term policy decision to join all multilateral platforms it can and exchange ideas and practices with global institutions has been "a good thing," said the president of the London-based multilateral lender.

China's economy expanded 6.7 percent in 2016, the slowest growth rate in over a quarter of a century, but tangible economic restructuring achievements are emerging.

China's deleveraging process will likely stretch longer than three years to see a major reduction in credit risk, according to S&P Global Ratings.