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Li was posthumously awarded the title of "Excellent CPC Member," the top award an individual can receive for deeds that serve the people or the state.

Shortly after the publication of the award, Chinese Foreign Minister Wang Yi said in a statement that the arbitration is a political farce under the pretext of law and the ruling has no legal force at all.

The new economy created over seven million people in Q2 and many traditional enterprises started to embrace new technologies or business models, according to Li.

In response, China issued two statements on July 12 and on July 13, a White Paper entitled China Adheres to the Position of Settling Through Negotiation the Relevant Disputes Between China and the Philippines in the South China Sea, stating China's solemn position of non-acceptance and non-recognition of the award and reaffirming China's territorial sovereignty and maritime rights and interests in the South China Sea.

We will promote in a coordinated way reforms in the fiscal, taxation, finance, investment and other key areas. We have put in place a nation-wide reform to replace business tax with value-added tax. This major effort to cut taxes and lower the tax burden will facilitate the innovative development of modern service industry, SMEs and micro businesses. We will deepen the reform of the financial system, accelerate the improvement of the modern financial regulatory regime and increase the efficiency of financial services in supporting the real economy. We will also intensify reforms in SOEs, rural areas, investment and financing, foster a social credit system and unleash even greater vitality for economic development. The private sector is an important force driving economic development. We will do more to remove obstacles for private businesses, lift unreasonable restrictions on market access and strive to stimulate private investment.