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Baosteel Zhanjiang Iron and Steel is a good example. The plant, located on Donghai Island, 40 kilometers from downtown Zhanjiang in South China's Guangdong province, has made a massive investment to make the steel plant environmentally friendly. Nearly 5 billion yuan (8 million) of the 50 billion yuan invested in building the coastal plant was allocated for environmental protection - the largest amount by a domestic iron and steel manufacturer.

Based on the strength of Chinese economy and the international status of the renminbi, "Shanghai is uniquely positioned" to become a global financial center, which will further integrate itself with the global financial system, said Wang Jiang, a professor of the Mizuho Financial Group, which is part of the MIT Sloan School of Management. "A standardized and well-developed market can be a pathway to globalization," said Wang.

Bach has previously praised the DPRK and South Korea for their efforts at detente and peace-making during the PyeongChang Winter Olympics last month.

Bargain hunters splurged by spending a record 168.2 billion yuan (.3 billion) during this year's Singles Day on Saturday, the world's largest daylong discount gala, as e-commerce giant Alibaba Group took the online shopping spree to brick-and-mortar stores and beyond the nation's borders, banking on China's technological prowess.

Bearing in mind the principles of mutual respect and win-win cooperation, China has demonstrated sincerity in making reasonable suggestions to the US, and has made great efforts to address the current trade imbalance between China and the US. China does not want a trade war with anyone, according to the statement.