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As he put it, reform has set China on a rapid course of development. Penaranda mentioned China's progress in e-commerce, mobile payments and the pioneering high-speed railways in particular. All these have changed people's lives at home and also impacted those in the close vicinity of China, such as the Philippines, he said.

As a leader in the European electric vehicle market, Renault accounts for 25 percent of the market share. But the automaker has not made any substantial breakthroughs in China's new energy vehicle market.

As for the trade outlook in coming months, there will be more uncertainty in both global trade and financial markets because of the expanding list of goods subject to additional tariffs from both sides, said Sang Baichuan, a professor of international trade at the University of International Business and Economics in Beijing.

As for exports, the customs assisted nearly 2,200 companies in acquiring tariff concession worth about 1.4 billion yuan. Major export products included mechanical and electrical products, chemicals and steel products.

As South Korea has agreed to follow a quota for its steel exports to the United States as well as other measures to reduce excessive steel capacity, it will be exempt from the steel tariff but will face additional tariff on aluminum exports to the United States, which will take effect on May 1.