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China has seen significant growth in aviation infrastructure, professional management and regulation, Bolen said.

China is fast emerging as brand leader in a wide variety of sectors and many of the leading domestic companies are gaining global recognition for quality, according to a new report from Brand Finance, a London-based brand valuation consultancy.

China is now the Philippines' largest trade partner, largest source of imports and its fourth-largest export destination.

China has sought to normalize IPOs to improve financing efficiency and direct more money into the real economy since it suspended IPOs between July and November 2015.

China imported 42.17 million tons of crude oil in August, up 9.9 percent year-on-year.