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China's producer price index, which measures costs for goods at the factory gate, dropped 0.8 percent year on year in August.

China, Xi said, stands ready to work with Russia to firmly safeguard the fruits of the World War II victory as well as international fairness and justice, support and practice multilateralism, and stay as determined as ever to build world peace, contribute to global prosperity and uphold the international order.

China's steel mills have reported good profits since this year as speculators have splurged on higher prices after the government pledged to increase spending on infrastructure construction.

China's participation in Yamal is in accordance with Chinese companies' going global strategy, she said.

China's telecom operators are projected to invest more than 220 billion yuan on 5G equipment and the expenditure on 5G equipment by all industries is expected to surpass 54 billion yuan in 2020, according to a white paper on 5G's economic and social impact by the China Academy of Information and Communications Technology (CAICT).