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China will also phase in an opening-up of bank card clearing and other markets; lift restrictions on the scope of operations of foreign-invested insurance companies, and ease or lift restrictions on the share of foreign-owned equity in companies in sectors including banking, securities, fund management and futures.

China is willing to align the Belt and Road Initiative with the Philippines' plans for development and propel the steady development of their relationship, for the sake of the wellbeing of both peoples, said the Premier.

China opened its first internet court in Hangzhou last August to cater to the increasing number of online disputes.

China played a significant role in global wage growth from 2008 to 2017, helping the average wage to rise by 22 percent, compared with just 13 percent if the country is excluded, according to a report by the International Labor Organization.

China represented 29 percent of its overall revenue for the nine months ended March 29, Lam Research said.