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A decade of rapid development has made China increasingly important in the global production system. Some made-in-China products such as laptops, copier devices, microwave ovens and tableware took up over half of the global export market's share.

Accompanying the reduction in borrowing costs that will have an immediate impact in stimulating the economy, the real surprise on Thursday was the central bank's decision to allow banks more freedom in setting the deposits and interest rates, a significant step towards the liberalization of the interest rates, analysts said.

Zhao said the RCSC will carry out the requirements specified in the guideline, and it plans to expand the use of the information system to 80 percent of the provincial branches of the RCSC by the end of 2013. It will also extend the system to more than 50 percent of the Red Cross outlets at the county level by the end of 2014.

LOS CABOS, Mexico, June 19 (Xinhua) -- Chinese President Hu Jintao met his U.S. counterpart Barack Obama Tuesday in Los Cabos, Mexico, on bilateral relations and major regional and global issues of common concern.

The country is willing to beef up cooperation with China in the areas of education, health, tourism and culture, he added.