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The Philippines' unilateral initiation and obstinate pushing forward the arbitral proceeding, in an attempt to negate China's territorial sovereignty and maritime rights and interests in the South China Sea and to pressure China into making compromises regarding the relevant matters, is not only a pipe dream and will lead to nothing, but will also jeopardize the integrity of the UNCLOS and seriously undermine the order of international maritime law, she said.

Xinhua Insight: China's all-out rescue after deadly blasts

Bloomberg L.P. is willing to cooperate with China in the internationalization of the renminbi and green finance, he said.

Given the slowdown in global growth, the 7% growth China achieved in the first half of the year is not at all easy. Because we are talking about a US$ 10 trillion economy, for which 7% growth actually generates more increase in volume than the double-digit growth in the past. And the 7% growth is in fact among the highest of the world's major economies. What is more encouraging is that China's economic structure is rapidly improving. Today, the services sector already accounts for half of China's GDP, and consumption contributes 60% to growth. Growth in high-tech industries is notably higher than the entire industrial sector. Consumer demands for information, cultural, health and tourism products are booming. Energy conservation, environmental protection and the green economy are thriving. New economic growth areas are rapidly taking shape.

Xi Jinping on Saturday, is the eighth amnesty granted since the founding of the People's Republic of China in 1949.