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China has set the tone of its monetary policy in 2017 as prudent and neutral, keeping an appropriate liquidity level but avoiding excessive liquidity injections.

China is the fifth largest source of tourists to the US, with almost 1.5 million Chinese visiting California in 2016. In 2013, California became the first state to establish trade promotion agreements with individual Chinese provinces.

China is due to unveil a three-year plan to boost the development of the industrial internet, part of broader drive to promote intelligent manufacturing. In November, the State Council issued a guideline, aiming to build three to five industrial internet platforms that will reach international standards by 2025.

China is ready to push forward with institutional reforms and tap market potential through innovation and entrepreneurship to seize opportunities brought by the latest round of global technological and industrial revolution, Premier Li Keqiang said on Monday.

China has thousands of SOEs, but many have stagnated due to lack of competition. The government is improving their performance through a series of reforms, moving toward mixed ownership and market-oriented management.