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China opened its third internet court, in Guangzhou, Guangdong province, on Friday to help deal with the rising number of disputes and problems caused by society's ever-growing reliance on cyberspace.

China is willing to take the upgrading of the China-Chile Free Trade Agreement as an opportunity to further upgrade the quality and level of bilateral trade and investment, he said.

China will also simplify outward remittance procedures for QFII's securities investment gains and lift other restrictions.

China responded immediately to the latest tariff on Chinese imports imposed by the US government under the excuse of an investigation under Section 301 of the Trade Act of 1974 on Friday, arousing wide concerns that a trade war will not only harm the pair's huge bilateral trade but also US companies' confidence in China.

China set up China Oil & Gas Piping Network Corp, a new centrally-administered State-owned enterprise, in December to be responsible for the investment, construction and interconnection of its main oil and gas pipelines so as to form a nationwide network for transporting crude oil, refined oil and natural gas.