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Commenting on the situation, Lin Boqiang, director of the China Centre for Energy Economics Research at Xiamen University, said the measure to facilitate overseas investment in exploration will inject impetus into China's oil and gas production.

Compared to last year's list, a total of 25 new companies managed to list - or relist - their names among the 500 this year, with Chinese firms accounting for 13, including China Development Bank, CRRC Co Ltd, Tsingshan Holding Group, Jinchuan Group Co Ltd, Gree Electric Appliances Inc, Anhui Conch Group Co Ltd, Huaxia Life Insurance Co Ltd and Xiaomi Corp.

Companies specializing in industrial products, consumer goods and services, IT and telecommunications made up the majority of A-share IPOs.

Confucianism, with its core concepts of harmony with diversity and seeking common ground despite differences, is at the heart of what has made China the soft power in Asia for centuries.

Commenting on the US side's argument that the future trade agreement should tilt in the direction favourable to the US side, Gao said the essence of Sino-US economic and trade cooperation is mutual benefit and win-win cooperation.