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China and the US have great potential to cooperate in international and regional security matters, such as the Korean Peninsula nuclear issue, Fan said. Strengthened coordination between the two important parties involved is necessary for a peaceful solution, Fan said, adding that the two countries should work together to lower tensions in the area.

China announced plans earlier this month to launch a new trading platform on the Shanghai Stock Exchange, as the government aims to encourage technological development by granting excellent companies easier access to funding.

China and ASEAN countries are committed to the full and effective implementation of the Declaration of Conduct (DOC) and have stayed in close touch to advance consultations on the Code of Conduct (COC).

China Railway Construction Corp Ltd, or CRCC, signed an agreement for the construction of the Moscow-Kazan highway late last month. Valued at about 3.36 million, the project was the first national highway construction in Russia contracted out to a Chinese company.

China Southern received its first ARJ21 aircraft on June 28, began using the aircraft on commercial flights from July 15, and gradually put it into service on Guangzhou-Jieyang and Guangzhou-Zhanjiang routes, linking three cities in Guangdong.