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China plans to cut annual corporate costs by 120 billion yuan (.48 billion) through measures such as lowering logistics costs and cutting business fees, according to a statement released following a State Council executive meeting presided over by Premier Li Keqiang.

China is willing to expand common interests and properly settle differences with the Philippines to consolidate public support for their ties getting back to a sound track, Premier Li Keqiang said on Friday.

China is willing to work hand in hand with the United States to achieve the goals of non-confrontation, mutual respect and win-win cooperation, Yang said.

China was the largest importer of U.S. agricultural products in 2016, and soybeans were at the top of the list with .2 billion in purchases, according to the US Department of Agriculture.

China should deepen reforms in State assets, finance, land, market entry and market regulation to promote competition and improve the systemic environment through creation of a level playing field, he said.