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China decided to lower the rates of additional tariffs levied on about billion in imported goods from the United States starting Feb 14, to further ease Sino-US trade tensions and promote economic and trade cooperation between the two sides, the Customs Tariff Commission of the State Council said on Thursday.
China has become a major economic power after four decades of reform and opening-up, and the world is changing through the changes in China, Dezcallar said.
China has an expanding middle-income group of 400 million people out of a total population of 1.4 billion, according to Xinhua.
China has made big strides in fostering a better business environment. The country ranked 46th out of 190 countries in the World Bank's newly released ease of doing business rankings for 2018, compared with 78th place in 2017.
China consolidated its position as the second largest insurance market globally in 2018, with total premiums reaching 5 billion. However, the Chinese market is currently still less than 40 percent of the size of the U.S. market and is also smaller than the three largest markets in Europe - Britain, Germany and France - combined.
