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China's affluent upper-middle-income people, especially young consumers, present a promising prospect for the world's designer brands and they are set to be the driving force of global spending on high-end shoes, bags, fashion, jewelry, and watches.

China's 10-year treasury bond futures closed higher on Friday. [Photo/Sipa]

China's air logistics sector is underdeveloped, Li said, citing a small number of air freighters and insufficient use of cargo capacity.

China will slash import tariffs for automobiles and vehicle components starting July 1 as part of its efforts to further open up the world's largest car market, the Ministry of Finance said on Tuesday.

China will cut import tariffs on goods from certain Asia-Pacific countries, starting from July 1, according to the State Council.