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China will cut value-added tax rates as part of a tax reduction package amounting to 400 billion yuan (.58 billion) this year to drive high-quality development, a State Council executive meeting chaired by Premier Li Keqiang decided on Wednesday.

China will never seek hegemony in the international community and it will always stand by the common interests of all countries, he said, adding that "those who always try to label China 'hegemonic' are the ones who are hanging on to hegemony".

China's Ambassador to UK Liu Xiaoming said that China and Britain have major advantages in carrying out green financial cooperation under the framework of B&R Initiative.

China will play a paramount role in the global green-bond market as the country needs the financing channel to provide capital for environmental improvement projects, analysts said.

China's Labor Law stipulates that each laborer should not work longer than eight hours each day, with weekly working hours not exceeding 40 hours.