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China is transforming from the "world factory" to a new smart manufacturing powerhouse, as the nation's smart manufacturing market is expected to exceed 220 billion yuan ( billion) by 2020, according to a new report.

China is a world leader in mobile payments, according to projections by eMarketer. By 2021, 79 percent of smartphone users will be tapping, scanning and swiping at points of sale. By comparison, the US will have almost 31 percent of users doing so, and the corresponding figure will be 22 percent in Germany.

China has protested each of the US actions. On Feb 4, China's Ministry of Commerce launched an anti-dumping and anti-subsidy probe into imports of sorghum from the US, a move seen by many as China's indication of its willingness to retaliate.

China implemented a proactive fiscal policy, with tax cuts and rate reductions as the most important measures since 2018. Specific policies included deepening the reform of value-added tax (VAT); adding special additional deductions of personal income tax; further expanding the scope of small enterprises that enjoy preferential corporate income tax; and policies to promote the development of innovative and high-tech startups.

China is Russia's largest trade partner, with total trade volume between the two countries reaching billion in 2017, Putin said.