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Chinese authorities are aware of the issue, he said, adding that progress and success is essential for global financial stability.

Chinese liquor firms outpaced companies in the United States in terms of brand value, as the country's liquor makers are tapping into increasingly affluent consumers here, a recent industry report said.

Chinese digital companies are active in driving global merger and acquisition activities. From 2016 to 2017, China's internet trinity of Baidu, Alibaba and Tencent, known as BAT, made 35 overseas deals, compared with 20 by the top three US internet companies, according to a McKinsey report released a year ago.

Chinese females wearing traditional dresses take part in a Qixi Festival cultural activity in Kaifeng, Central China's Henan province, Aug 27, 2017. The Qixi festival, or Chinese Valentine's Day, falls on August 28 this year. In earlier times, Qixi was not only a special day for lovers, but also for girls. It is also known as the "Begging for Skills Festival" or "Daughters' Festival". [Photo by Li Junsheng/Asianewsphoto]

Chinese merchants have been sailing to the Philippines since the 10th century and bartered with ceramics, silk and beads for Philippine pearls, tortoise shells and hemp fabric.