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China National Machinery Industry Corp, also known as Sinomach, will expand its business in economies related to the Belt and Road Initiative in partnership with privately run companies this year, said a top executive.

China Postal Airlines, SF Airlines and YTO Airlines have more than 100 cargo aircraft and have opened more than 30 international routes, he said.

China also proposed a dual-track approach to denuclearization on the peninsula on the one hand and establishing a peace mechanism on the other.

China announced on Monday that it plans to set import tariffs ranging from 5 percent to 25 percent on 5,140 American products — such as beef, salmon, vegetables, coffee, flowers, batteries and liquefied natural gas — on a revised billion target list.

China accounts for less than 3 percent of overall EU foreign direct investment, whereas Chinese investments in Europe are rising, but from an even lower base. The EU currently has a trade deficit with China.