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China is one of Fonterra's largest global markets, accounting for NZ.4 billion (.47 billion) of Fonterra's sales revenue and a normalized earnings contribution of greater than NZ0 million in fiscal year 2017. Its business in China includes ingredients, food services, farms and the partnership with Beingmate.

China is planning to develop its cultural industry into a key area of the national economy by 2020 by upgrading its structure, encouraging major brands and boosting consumption.

China is ramping up the efforts to further open up its financial sector in a steady manner. The China Banking and Insurance Regulatory Commission announced on Sunday it had granted approval to the Munich-headquartered Allianz SE regarding its application to commence operational preparations for Allianz (China) Insurance Holding Co Ltd, the first foreign-funded insurance holding company in China.

China is the Philippines' top trading partner in 2017 with a total bilateral trade valued at .82 billion. China also ranked fourth biggest export market for the Philippines last year and the Philippines' top import source.

China is forming a new development pattern known as "dual circulation," which takes the domestic market as the mainstay while allowing domestic and foreign markets to boost each other, and the new pattern will boost high-level opening-up and further improve the quality of two-way cross-border investment, Wang said.