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The firework industry has witnessed several accidents due to lax safety standards, especially among small producers.

BEIJING, May 8 (Xinhua) -- The Chinese government released its budget for the Social Security Fund (SSF) for 2013, underlining the country's efforts to boost transparency in the midst of escalating public worries over the pension deficit.

The figure represented an annualized growth rate of 14 percent compared to the amount recorded in 2010, according to the report by China Merchants Bank and the consulting firm Bain & Co.

There is a "real commitment in (the) United States government to try to find some avenues for much more serious discussion and negotiation" with the Chinese side, as both countries have "a huge shared stake" in the area, Pollack said.

Barclays Bank said Friday in a report that China will maintain its current monetary policy and financial environment.