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China will improve legislation to promote product quality and establish a system that subjects producers and sellers of substandard goods to punitive compensation measures.

China will never yield to external pressure, and will instead keep encouraging its people to work harder and concentrate on economic development, Vice-Minister of Finance Zhu Guangyao said at a press conference on Wednesday, a few hours after the United States released a new tariff list.

China's Cabinet-level financial regulatory body is urging support for the country's economic recovery, accelerating the reform of small and medium-sized commercial banks, and cracking down on financial fraud in the capital market, the State Council's website reported on Monday.

China will lead a gradual U-shaped regional economic recovery, which will help anchor production and confidence in neighboring countries aided by the adoption of a wide range of stimulus packages to contain the novel coronavirus epidemic, the head of a leading international research organization told China Daily in an exclusive interview on Wednesday.

China would like to better align the Belt and Road Initiative with Papua New Guinea's development strategies and create more opportunities to boost cooperation in fields such as trade, energy, infrastructure and industrial production capacity, Li said.