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BEIJING, April 26 (Xinhua) -- Li Zhanshu, chairman of the Standing Committee of the National People's Congress (NPC), on Friday met with Lao President Bounnhang Vorachit, who is attending the Second Belt and Road Forum for International Cooperation in Beijing.

In addition, the new major reform will facilitate Shanghai's transformation into an international financial center as well as a science and technology innovation hub, said Allen Tjiong, president and CEO of BOC International (USA) Inc.

The new rules will also allow overseas financial institutions to hold stakes in foreign-funded insurance companies operating in China.

"The consumption of home appliances in China didn't decline. Rather, Chinese consumers are more willing to buy high-quality and more personalized products," said Zhong Ming, vice president of the company that manufactures Wang's refrigerator.

The United States announced Wednesday that it would raise tariffs on 200 billion U.S. dollars worth of Chinese goods from 10 percent to 25 percent as of May 10.