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China has more than 100 million market entities, with the majority being small and medium-sized enterprises (SMEs), which provide over 80 percent of the nation's total jobs. However, they were also hit hardest by the epidemic.

China exported 12,651 copyrights on publications in 2017, up 29 percent from the previous year, according to a report on the country's publishing industry in 2017.

China announced tariffs on Monday ranging between 15 and 25 percent on 128 American products, including pork, fruits, nuts and wine, in response to an estimated billion in US tariffs on steel and aluminum.

China has been unwavering in opening the domestic markets to foreign businesses, with a raft of favorable measures rolled out last year, including allowing easier market access and creating a more fair, transparent and predictable environment.

China has carried out a major revamp of government institutions this year and established new agencies such as the creation of a state market regulatory administration.Xi said the purpose is to remove systemic and institutional obstacles that prevent the market from playing a decisive role in resource allocation, and to enable the government to serve a better function.