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China's transition over the next 10 years will not be painless for its companies or for foreign competitors. But, reform and opening-up policies that create more competitive companies and markets are the only way to achieve a richer and more productive world economy in the long term.

Chinese Ambassador Hong Liang said there exists many economic opportunities with Myanmar, and he recalled State Counselor Aung San Suu Kyi attended the Belt and Road Forum for International Cooperation held in China in May, expressing the hope for further enhancement of "Paukphaw" (fraternal) friendship between the two countries.

China's railway network had a total length of 141,400 kilometers by the end of last month, of which 36,000 km were high-speed railways, the national railway operator said on Saturday. The country invested 67.1 billion yuan (.67 billion) in rail fixed assets in July, up 3.6 percent year-on-year, China Railway Corp said in a statement posted on its website. During the first seven months of this year, 1,310 km of new railway lines were put into service, including 733 km of high-speed railway, the statement said.

China's rail freight volume recorded faster growth in July, the national railway operator said on Aug 16, 2017. [Photo/VCG]

Chinese President Xi Jinping announced at the Johannesburg summit that he and African leaders had reached a unanimous consensus on lifting China-Africa relations to a comprehensive strategic and cooperative partnership.