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China Merchants Port Holdings and the Sri Lanka Ports Authority signed an agreement here Saturday to develop the Hambantota Port. Under the deal, the Chinese side will hold a 70 percent stake in two joint ventures to be launched to take charge of the commercial and administrative management operations of the port respectively.

China United Airlines, a subsidiary of China Eastern, will be the first airline to transfer its base of operations to Daxing. Currently at Beijing Nanyuan Airport, it will operate over 130 daily flights from the new airport, serving 60 routes.

China also announced last week that it would halve rates of additional tariffs on billion worth of US products. Both of those tariff modifications are set to take effect on Friday.

China announced plans in April 2018 to build a pilot FTZ covering the whole island of Hainan province and explore the establishment of a free trade port with Chinese characteristics.

China also facilitates the transfer of scientific and technological innovations to other Belt and Road countries, said the report.