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China is the world’s leading mobile payment market. In 2016, the value of mobile payments rose 46 percent from a year earlier to 157.55 trillion yuan (.8 trillion), according to the country's central bank.

China is expected to open its market soon for seafood imports from Peru soon amid the two countries' joint efforts to upgrade their free trade agreement in line with the consensus reached by their leaders, said the Peruvian ambassador to China.

China has since July 6 begun to levy additional 25 percent tariffs on 517 types of agricultural products — including soybeans, cotton and pork — imported from the US. The total value of these imports last year was about billion.

China is also a major reason why the Boston-based investment firm, which manages .67 trillion in assets, is overweight on emerging markets next year.

China is projected to account for 70 percent of global 5G connections, and the country has firmly established itself as a global 5G leader, according to a report by GSMA, an international association of mobile operators.