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China's sharing economy achieved a trading volume of 3.28 trillion yuan (9.11 billion) in 2019, a year-on-year growth of 11.6 percent, according to an annual development report on China's sharing business released by the State Information Center.

China, Li told the speaker, would like to "continuously enlarge the scale of bilateral trade, enhance people-to-people and cultural exchanges, strengthen mutual learning in areas such as sports, and deepen friendship between the two peoples."

China's top securities regulator on Friday vowed stricter regulations of the country's securities firms and funds, warning that repetitive rule violations and illegal practices will lead to business suspensions and license revocations.

China, meanwhile, aims to increase its installed geothermal energy capacity by 500 gigawatts from 2016 to 2020, according to the 13th Five-Year Plan for geothermal energy released in 2016, the first such plan in this field.

Chinese President Xi Jinping has sent condolences to his Philippine counterpart Rodrigo Duterte, Hua told a daily news briefing, adding China is willing to offer assistance to the Philippines within its capacity to help with disaster relief.