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As China has offered a number of policies to spur consumer spending and offer more market access to global companies, P&G has expanded its innovation capacity in China and has been able to build its brands under an increasingly transparent regulatory environment, Pritchard said.

As China is transforming its economy from traditional manufacturing sector to service and consumption oriented sector, its structural transformation and the rebalancing of its economy should lower the growth rate and put growth on a firmer basis over time, the chief economist said.

As China and the Philippines are close neighbors, the two developing countries share the same missions in safeguarding national security, realizing common development and promoting regional peace and stability, Xi stressed.

Apple and Samsung continued to dominate the smartphone market in 2016, but their combined shipment slipped from 555 million units in 2015 to 526 million in 2016, with market shares dropping four percentage points to 35 percent.

Arts and literature are also critical contributing factors to broaden the public's imagination, he added.