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China reported 6.9 percent GDP growth for the first half of 2017, exceeding the 6.7 percent rise in 2016 as well as beating the consensus of forecasters.

China spends more than 0 billion to import chips every year, more than the amount spent on crude oil imports, said Deng, who is also a member of the 13th National Committee of the Chinese People's Political Consultative Conference.

China needs to import 80 million to 90 million metric tons of soybeans a year, but Russia cannot meet this demand, he said.

China sets a good example for some other developing countries to embrace prosperity. But because one size does not always fit all, economies with different political systems and economic landscapes should find their own suitable development path, and join their efforts to address major global issues.

China made a major purchase of US soybeans on Wednesday, according to Reuters, the first sign that the largest buyer of US soybeans is returning to a market that had been disrupted for several months because of an ongoing trade dispute between the two countries.