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After China's World Trade Organization accession in 2001, cheap labor has fueled its export boom and powered the economy to become the world's second largest. But China's manufacturing sector is running into problems these days: squeezed from one end by markets with even lower labor costs, such as Vietnam and Malaysia, and yet struggling to move to a higher value chain because of intensified competition from developed nations.

He expressed his hope that the two sides would strengthen coordination for early substantial results, so as to build cooperation in third-party markets as a model for South-North Cooperation and the recovery of the world economy.

Noting that this year marks the 70th anniversary of the victory of World War II, Wang said the current international order and system with the United Nations as its core was built by China and the United States, together with other countries;

Last Wednesday night, two explosions ripped through a warehouse in Tianjin where hundreds of tonnes of toxic chemicals were stored, including roughly 700 tonnes of sodium cyanide.

The talks have missed the previous deadlines of June 30 and July 7, and may also miss the Monday deadline if some tough issues remain unresolved.