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The government will simplify procedures of work and residential permit application for high-calibre foreign talents, and pilot integrated service in housing, schooling and medical care. Overseas students in China who start new businesses can also apply for residential permit with their diplomas.

Guo's fabricated "relationship tree" showed that Yao had controlled shares of more than 10 companies, however, these companies actually just had business with GI Technologies.

The amendment has also strengthened inspection on government authorities' facilitation of SME development, and clarified legal responsibilities for those who violated the rights of SMEs, he said.

Having said this, joint efforts are still needed in order to scale up mutual investment and speed up SME cooperation. We need to strengthen the traditional areas of economic cooperation including China's import of oil, gas, coal, electricity and lumber and other major commodities; we need to expand the use of local currencies in our business ties; we need to implement the agreed investment projects; we need to make full use of the platforms offered by such events as the China-Russia Expo, St. Petersburg International Economic Forum and Eastern Economic Forum; and we need to unlock the potential of sub-national and border area cooperation through the Yangtze River - Volga River and China's northeast - Russia's far east mechanisms.

Wang noted that the relations between China and the Philippines have improved after President Rodrigo Duterte's visit to China in October last year.