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China launched trading of crude oil futures contracts on Monday in its steady moves to further open up the financial sector.

China will continue to handle its foreign relations according to the one-China policy, Geng said, urging foreign corporations running businesses in China to respect China's sovereignty and territorial integrity, abide by China's laws and respect Chinese people's national feelings.

China will continue to expand opening-up in these areas and its cooperation with foreign countries and partners in such areas will only expand, he said.

China reduced taxes and fees by 1.3 trillion yuan (7.8 billion) in 2018 and plans to cut taxes and fees by 2 trillion yuan this year.

China overtook the United States as the largest market for new energy vehicles in 2015. Since then, annual sales in China have accounted for more than half of the global total.