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China has consistently and resolutely opposed the U.S. implementation of unilateral sanctions and the so-called "long-arm jurisdiction," and opposed the U.S. bullying actions of imposing arbitrary suppression against Chinese companies in accordance with U.S. domestic laws, the spokesperson added.

The reform will make it easier for foreign investors to invest in the Chinese financial market, revealing China's firm determination to further open up its financial market, said Liao Yijian, president and CEO of HSBC Bank (China).

The satellites belong to a commercial remote-sensing satellite constellation project "Zhuhai-1," which will comprise 34 micro-nano satellites, including video, hyperspectral, and high-resolution optical satellites, as well as radar and infrared satellites.

Xi said he is willing to work with Duterte to continue to grasp the trend of the times from a strategic and long-term perspective, leading the sound development of bilateral ties. "This will not only benefit the two countries and their peoples, but will also add positive energy to regional peace and stability."

The bonds should be mainly used to finance transport infrastructure projects like railways and urban parking lots, energy projects such as natural gas networks and storage facilities, as well as environmental protection and social security projects.