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China has been keeping its industrial growth within a reasonable range and the actual result was better than expected, according to Xin.

China expected to move toward dovish monetary policies along with others

China has made major strides in manufacturing in the past decades. It is now the only country in the world that ticks all the industrial category boxes under the United Nations' International Standard Industrial Classification. Boasting 41 industrial divisions, 207 groups and 666 classes of products and services, it has built up a modern industrial system.

China has been ASEAN's largest trading partner for 10 years, according to the Ministry of Commerce. Meanwhile, in the first quarter of 2020, ASEAN replaced the European Union as China's largest trading partner, accounting for 15.1 percent of the nation's global trade volume during the period, according to the General Administration of Customs.

China has introduced 26 opening-up measures, including allowing foreign institutions to independently run economic and technological exhibitions, and supporting more overseas professionals to start businesses in the country, to spur innovation in the services trade, said the Ministry of Commerce on Wednesday.