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China is planning to develop its cultural industry into a pillar of the national economy by 2020, according to the national 13th five-year program (2016-20) on cultural development reform.

China is resorting to SOE mergers to create more global powerhouses and avoid cut-throat competition, in addition to restructuring redundant industries to aid supply-side reform, Li said.

China is enhancing the protection of intellectual property rights by amending laws and tightening enforcement to better support high-quality economic development.

China is definitely a different market from the US, but career advancement is also a similar requirement for Chinese professionals, Awan said.

China is ready to work with Japan and the Republic of Korea to make trilateral cooperation serve regional peace, boost economic growth in Asia, advocate an open economy and uphold the rules of international relations, State Councilor and Foreign Minister Wang Yi said on Friday.