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Courts in Qingdao, Shandong province, heard 1,058 commercial cases involving overseas litigants valued at more than 8.8 billion yuan (4 million) from 2016 to 2019, according to a white paper released on Monday.

Credit defaulters were forced to repay 2.83 trillion yuan under court order enforcement in 2016 and 2017.

Corporate profits remained strong, with total profits of industrial manufacturers above the designated size surging 21.9 percent year-on-year to 6.88 trillion yuan between January and November last year, said the National Bureau of Statistics.

Considering China's current economic situation, "an easing monetary policy may lead to asset bubbles, financial fragility and polarization between the rich and the poor, while a slower growth of money supply could still support high-quality development of the real economy", it said.

Conveying consolation to the Philippine fishermen who experienced the collision, Lu emphasized the collision was an accident, and said China and the Philippines have communicated several times about the incident.